Risk Matrix

12 posts / 0 new
Last post
nicolablair4009
Risk Matrix

Hello,

I was wondering if anyone would mind sharing their Risk Matrix with me please?

Thanks

vanessahiggins3325
Happy to share our matrix

Happy to share our matrix which includes threats and opportunities. Message me with your email address.

nicolablair4009
Hi Vanessa

Hi Vanessa

Thank you for replying. My email is nicola_blair@slc.co.uk.

Regards,

Nicola

karenjamieson4017
Risk Matrix / scoring

Hi
I was wondering if anyone uses a methodology in their risk scoring/matrix that isn't multiplying likelihood/probability x Impact?

We currently use a (6)L x (4)I matrix which I'm considering changing. I'm looking to change from multiplying to prevent the risk that potentially catastrophic events are overlooked just because they multiply to a "low" likelihood on the matrix.

Thanks

pampursley3590
Risk Matrix

Hi Karen
I have a 5x5 matrix, I do multiply Likelihood x Impact but get around the problem of those risks that would come out low by using colour and attaching a review period to match. So a 2L x4I (8) which most people would express as "Low"(green), I have as "medium"(yellow) with a quarterly review. The 1Lx5I(5) results in a "High"(orange) result with a monthly review. Can send you a copy if you wish.

karenjamieson4017
Risk Matrix

Thanks for taking the time to respond, it sounds very similar to what I am using. Our medium (yellow) starts at 8 also, but because we use a 6x4 we could potentially still have a catastrophic risk being scored as a low (green) 4 :-(

pampursley3590
Risk Matrix

Happy to share Nicola, let me have your email address

nicolablair4009
Hi Pam

Hi Pam

Thank you for replying. My email is nicola_blair@slc.co.uk.

Regards,

Nicola

karenlocke3542
Hi Nicola, happy to share our

Hi Nicola, happy to share our risk matrix with you if you want to email me: Karen.Locke@renfrewshire.gov.uk

alisonfrew3906
Hello, I'm also looking for

Hello, I'm also looking for examples of different risk matrix and if possible the narrative that goes with each category within impact & likelihood. We're reviewing our guidance and looking to be give more info to our services.

My email is frewam@angus.gov.uk for those who are happy to share.

Thanks in advance, Alison

duncanharwood4054
While pretty much everyone

While pretty much everyone uses a risk matrix (we have a 5x5), there's lots of information out there which explains why they're arbitrary, inherently flawed, and dangerous. It's a contentious subject for a lot of risk managers. Maybe a topic for a conference some day...!

https://www.researchgate.net/publication/266666768_The_Risk_of_Using_Ris...

Ultimately, it won't matter whether you use a 5x5, 6x4, 3x3 or a 10x10 - the quality of the information in there will be the same.

stevemappley3748
Risk matrix

We have introduced a confidence level to the assessment to try and move away from relying on single value judgements on impact/likelihood. This is because it is far more likely that a risk carries a range of outcomes, some more probable than others and some outlying unlikely outcomes that nevertheless ought to be considered.

The hope is that this will encourage analytical data to support risk management because realistically we should be less confident about a position which is mostly informed by hunch and feeling. At the same time, it may reveal caution around completely ignoring outlying possibilities because they are outside the given assessment values.

This also mitigates against decision makers, elected members etc. interpreting crude risk assessment values as accurate depictions of the risk.

steve.mappley@rbwm.gov.uk

Discover the many benefits of ALARM membership

Find Out More

Stay up to date

Here at ALARM we would like to contact you with details of events and services we provide.

We will not pass your details onto any other companies. Please tick the following box to give us consent to contact you for these purposes by email.

Our Platinum Sponsors