The Risk Based Matrix is a tool that can categorize risks and threats to the business. It allows for classifying risks into two groups: 1) Risk with high probability and 2) Risk with low or no probability. This Matrix is an analytical tool, providing a systematic approach to identifying and analyzing the magnitude of risk concerning both likelihood and impact on your business.
What should I know about this?
With the Risk Scoring Factor Chart, you can easily identify which responsible manager would best address each type of risk or concern. We always ensure that if there are any gaps in our Risk Policy Framework, e will work with you to find an appropriate solution. If your company does not have this framework yet, contact us today!
The Risk-Based Matrices can help managers make effective decisions regarding resources allocation by highlighting opportunities where investments should be made and areas where efforts could reduce threats to their business processes. Matrices are a very cost-effective way to integrate Risk Management with the entire organization.
We hope this information has been helpful to you.