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Risk Assessment Matrix Tool (Strength and Weakness (Plan for potential…
Risk Assessment Matrix Tool
Identify risk
Strategic risk
Operational risk
Financial risk
Market risk
Technical risk
Create a risk assessment matrix
Consequences
Insignificant
Marginal
Moderate
Critical
Catastrophic
Likelihood of Occurrence
Definite
Likely
Occasional
Seldom
Unlikely
Assess risk
Extreme
Marked with 'E'
Red color color
High Priority
High risk
Marked with 'H'
Pink color cells
Immediate action
Medium
Marked with 'M'
Orange color cells
No hurry for risks
Low risk
Marked with 'L'
Green color cells
Ignore the risk
Strength and Weakness
Plan for potential risk
Respond appropriately during risk
Decision making issues with matrix with less blocks and risk grades
Risk group differentiation
Allocate resources according to risk grades
Lack of clarity in major risks
Strength
Weakness
Determine criteria
Determine criteria
using Excel