The matrix allows the user to identify and prioritize the most significant risks by plotting each risk in the matrix and using the resulting position to assign a risk level (high, medium, low). This helps the organization or project team to focus on managing the most critical risks first.
Risk Assessment Matrix can be used in a variety of industries and organizations, but it’s commonly used in project management, healthcare, finance, and safety-critical fields such as aviation, construction and manufacturing. It can be used in different stages of a project or at different levels of an organization, such as at the strategic level, project level, or operational level.
The Risk Assessment Matrix is a useful tool for identifying, evaluating, and managing risks, it’s important to remember that the matrix should be used in combination with other risk management techniques, such as risk analysis and risk mitigation, to ensure that all potential risks are identified and managed effectively.