What is a Risk Assessment Matrix: A risk assessment matrix is a tool that helps you assess risks to reduce the danger they pose to an operation.
1) A Risk Assessment Matrix helps you assess risks to reduce the danger they present
2) One benefit of using a Risk Assessment Matrix is not having all your eggs in one basket
3) Some examples of what could be included on a Risk Assessment Matrix include weather conditions, natural disasters, and cybercrime.
Risk assessment matrices are used to determine the likelihood and severity of a risk. A matrix can be prepared by either an organization or an individual to identify risks that may occur in the future. It helps identify what could happen if certain events occur, such as emergencies or disasters.
You can use this tool when there’s a need to decide how much money should be spent on protective measures for different types of hazards, from earthquakes to cyber-attacks.