A risk assessment matrix is a table used to assign risk ratings to identified risks based on two intersecting factors: the Likelihood of a security risk-based event occurring and the consequence to an asset if it did. A risk matrix is a tool that can help you visualize the risks that your organization faces and their overall Likelihood and Severity. Natural disasters, utility outages, cyberattacks, and power outages are examples of potential hazards considered or identified during risk assessment. To calculate a Quantitative Risk Rating, first, assign a number to the likelihood of the risk occurring and the Severity of Injury, and then multiply the Likelihood by the Severity.
