Whenever you start or manage a project, it’s important to assess what risks may be involved and determine some mitigation strategies to help your project be successful.
Using a Risk Assessment Matrix helps you to uncover potential issues, determine the impact of those issues and develop mitigation strategies to minimise the impact of those risks.
Learn how to build a Risk Assessment Matrix and download our FREE template to help make this process easier.
Definitions
- risk assessment (noun)
a process of evaluating the potential risks that may impact a project or activity - mitigate (verb)
make something less severe or serious and reduce it’s overall negative impact
How to
Use the risk matrix to understand how a particular issue impacts your business.
High-impact and high-likelihood risks should be prioritise and resolved first.
- Work with your team to identify project risks, listing everything you think is possible
- Categorise the risks by the type of impact – staff, customers, business productivity, etc
- Provide weightings for each risk to determine the impact
- Develop mitigation strategies that can help prevent or minimise the risk