I was wondering if anyone would mind sharing their Risk Matrix with me please?
Happy to share our matrix which includes threats and opportunities. Message me with your email address.
Thank you for replying. My email is firstname.lastname@example.org.
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.
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.
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 :-(
Happy to share Nicola, let me have your email address
Hi Nicola, happy to share our risk matrix with you if you want to email me: Karen.Locke@renfrewshire.gov.uk
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 email@example.com for those who are happy to share.
Thanks in advance, Alison
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.
As per everyone above, we're looking to review our matrix etc., so am wondering if you would be kind enough to send a copy of yours through to me please? We're also going to be reviewing our strategy, and would be grateful for a copy of this also....
Many thanks in advance.
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