More Risk Matrix Templates and Examples

Risk Matrix 3x3

Risk Matrix 3x3

5x5 Risk Matrix Template

5x5 Risk Matrix Template

Risk Matrix Template

Risk Matrix Template

Business Contingency Plan Template

Business Contingency Plan Template

Business Contingency Plan Example

Business Contingency Plan Example

Creately helps you do this with

Pre-designed templates to identify and assess risks
Easy drawing and diagramming tools for quickly creating a risk matrix
Share with others in your team for real-time collaboration and group editing
Export your diagrams as PNGs, SVGs, or JPEGs for publishing or embedding in documents, presentations, etc.

Guide and Best Practices

Risk matrix is a project management tool that is used for risk evaluation. It helps evaluate risks in terms of probability and likelihood and the severity of the risk. It’s also known as the probability and impact matrix.

How to use the risk matrix

  • Bring together a cross-functional team related to the project. Together, brainstorm potential risks. It could be a long list and would include incidents that span from injuries to damage to the environment.
  • Determine the likelihood of these risks occurring. Is it very likely, likely, possible, unlikely or very unlikely?
  • Then determine the severity of impact on the project if any of these risks actually occur. The impact could be very low, low, medium or high.
  • Based on the likelihood and the impact you’ve calculated, assign each risk a risk rating. If a risk has a very high impact and is very likely to happen, it should be assigned a higher risk rate than a risk that may have a low impact and a low probability of occurring.
  • This will help you prioritize risks, or identify which ones you should focus on and in which order.
  • Create an action plan elaborating on the steps you need to take to mitigate the risks and reduce the impact if it actually occurs.
  • Visualize your assessment using a matrix. You can easily do this with Creately’s intuitive table shape. Share the diagram link with your team members and stakeholders so they can collaborate on editing or reviewing it in real-time.
  • Or download it as a PNG, SVG or JPEG so you can easily embed it in your internal wiki, or site and add it to the necessary documents or presentations.

More templates and visual ideas for risk management

Business Contingency Plan

Business Contingency Plan

Risk Probability and Impact Matrix

Risk Probability and Impact Matrix

Mind Map for Risk Identification

Mind Map for Risk Identification

Performance Potential Matrix

Performance Potential Matrix

Capability Map

Capability Map

Business Capability Map Template

Business Capability Map Template