Reading time 3 mins
Introduction
The Risk Matrix grades the severity of an Event or Risk on the Risk Register.
The Risk Matrix consists of distinct categories of Consequence and Likelihood. Within each is a grade 1-5 used to calculate the risk for an Event or Risk on the Risk Register. The higher the value the larger the impact on your organisation. The grade selected from the range of Consequence and Likelihood categories are multiplied to give you the risk score.
To support your user's judgement of Consequence and Likelihood the categories contain descriptions. Edit these descriptions to suit the context of your organisation.
Viewing Your Risk Matrix
- Navigate to the Administration panel and select Risk Matrix.
- You will be presented with the risk matrix categories of Consequence and Likelihood.
- To view the descriptions for each category, click the Actions button next to the risk matrix category you wish to view and select Edit.
Editing Your Risk Matrix
- Choose whether you would like to edit a Consequence or Likelihood category using the tabs on the Matrix table.
- Click the Actions button next to the risk matrix category you wish to edit.
- Choose Edit to amend the name of the category or the descriptions within. Choose Move Down/Up to change the position of the category on the matrix.
- Edit the details as required and select Save, the risk matrix category will be updated.
- Please note amends will affect historic Events or Risks using this category and description.
Adding New Matrix Categories
- Choose whether you would like to add a Consequence or Likelihood category using the tabs on the Matrix table.
- Navigate to the end of the page and select Create.
- Enter the risk matrix category Name and severity descriptions.
- Select Save, the risk matrix category is added.
Deleting Matrix Categories
- Choose whether you would like to delete a Consequence or Likelihood category using the tabs on the Matrix table.
- Click the Actions button next to the risk matrix category and select Delete.
- Select OK and the risk matrix category will be deleted.
- Please note, you will be unable to delete a category if it is in use.
FAQs
Is it the same Matrix for Events and Risks on the Risk Register?
Yes. Your Risk Matrix will apply to both Events and the Risk Register.
Is there a colour coding to the matrix?
Yes. When your users select an option from the Consequence table and one from the Likelihood table it will multiple their scores to provide a number out of 25. We have an automatic colouring system based on this which will appear with the number in the system.
The above image stands for the colour coding; however, the descriptions may be different for your organisation.
It is possible to edit these colours by informing our Support Team of your preference. See our guidance for more detail