Purpose
A risk matrix is a visual tool used to assess and prioritise risks based on likelihood (chance of occurring) and severity (impact if they occur).
It helps organisations determine which risks require immediate attention and guides decision-making for mitigation strategies.
Step-by-Step Guide to Configuring a Risk Matrix
- Navigate to Admin > Risk Matrices.
- Click 'Add' to create a new Risk Matrix.
- Fill in the required fields:
Field Description Title Name of the Risk Matrix (e.g., Default Risk Matrix). Description Brief description of the matrix. Number of Likelihoods Define the number of likelihood categories (X-axis). Number of Severities Define the number of severity categories (Y-axis). Define Views
Compact Likelihood View – Simplifies likelihood scale without probability or frequency details.
Compact Severity View – Simplifies severity scale without detailed definitions.
Matrix type Type of matrix. These values are pre-configured. Select 'Default Risk matrix' into this field. Custom image Select an image for the matrix. It will appear as a popup when clicking the 'i' icon beside the matrix name on the rating show view. Ascending Option Tick to show the highest rating on the risk rating pill. Round Decimal Cell Scores Rounds decimal scores to the nearest integer. Transpose Option Switches severity categories to the top and likelihoods to the side.
Note: After transposing a matrix, a note will be listed on the top of the admin risk matrix to indicate that it will be transposed during rating.This does not apply when rating in Severity Focus or PMC mode.
Footnotes Provide additional notes or references. - Click 'Save' to apply the changes.
- Define Consequence Categories:
Click 'Add Consequence Category' and input relevant categories (e.g., Safety, Finance, Reputation, Environment).
- Define Likelihood Categories:
Click 'Add Likelihood Category' and input relevant categories (e.g., Probability, Industry Frequency, Project Frequency).
- Define Rating Measures: Click to activate the cell and enter appropriate risk levels (e.g. 0-25- Minor, 25-50 – Moderate, 50 – 75- Major, 75-100 – Extreme).
Assign the Matrix: Link it to a Project and Custom Type via Rating Strategies to begin using the matrix for risk assessment.
Frequently Asked Questions
Can I hide severity, probability or frequency definitions on the risk matrix?
Yes, enable 'Compact View' in the Admin Risk Matrix Edit view.
Can I view all severity categories on one page instead of navigating through them?
Yes, configure the matrix view as Severity Focus or PMC in the Rating Strategies settings.
Can I view the lowest risk rating instead of the highest in the Risk Show View?
Yes, uncheck the 'Ascending' checkbox in the Admin Risk Matrix Edit view.
Can I change the rating score values?
Yes, click the existing score in the matrix and edit it. Changes are saved automatically. Please note, that the rating scores are usually interconnected with triggers, review if your score changes impact any triggers.
How do I reposition severity categories in the left pane?
Hover over a Severity Category in the admin risk matrix, click the edit icon, and update the Position field.
How do I change the rating metrics?
Click on a rating measure in the Rating Measures section and edit it. Changes are saved automatically.
Decimal rounding may cause two cells to display the same integer score while retaining different risk levels.
Can we delete severity or likelihood categories in an admin matrix?
No, but they can be deactivated in the Admin area > Risk Matrix.
To deactivate a category:
1. Hover over the Severity category/Likelihood category
2. Click the edit icon
3. Set Active = No
4. Hit 'Save'
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article