A risk assessment matrix is a structured grid that ranks risks by cross-tabulating the likelihood of an event against the severity of its impact. Each cell maps to a qualitative or quantitative risk level, allowing teams to prioritise mitigation and allocate resources to the highest-rated risks. It is a standard visual tool in security and safety risk management.
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- Plotting each identified risk on the likelihood-severity grid produces a priority ordering that guides where mitigation effort and budget should go. The matrix makes trade-offs explicit and communicable to stakeholders across technical and management audiences.