Risk Assessment Matrix
Definition - What does Risk Assessment Matrix mean?
A risk assessment matrix is a method for evaluating both the probability and severity of a specific action or inaction that is expected or anticipated to occur. Examples of the various degrees of probability include frequent, likely, occasional, seldom or unlikely. Examples of severity can include catastrophic, critical, marginal, or negligible. Activities that are considered to be both frequent and catastrophic would be considered extremely high risk, while activities that are both unlikely and negligible would be considered low risk. In addition to identifying the risks, the matrix requires recommendations to minimize or eliminate these risks.
A risk assessment matrix may also be called a risk matrix.