A Risk Assesment Matrix is a tool used to assess the risks involved in a certain activity. Risk can be broken into three categories: business, operational and environmental. This blog post will go over how it works and what it means for you as an individual or business owner.
1) Risk Assessment Matrix categorizes risk by type (business, operational and environmental).
2) Risk assessment matrix helps identify the probability that something might happen and the impact if it does occur.
3) Risk assessment matrices are helpful because they allow you to take preventative measures before an incident occurs instead of reacting after something has happened.
The Risk Assessment Matrix consists of four quadrants, with each quadrant representing a different level of risk for the company. These levels range from low to high risk and are based on how likely it is that something will happen and what the consequences would be if it does happen.
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