Risk Matrix

What is a risk matrix?

A risk matrix is a tool used to assess and prioritize risks in a project or organization. It is a visual representation of the likelihood and impact of a risk, which helps stakeholders understand the potential consequences of a risk and make informed decisions about how to manage it.

Requify's Risk Matrix

How is the risk matrix generated?

When creating or updating a requirement, the user is prompted to select a likelihood and impact rating for the risk. The likelihood rating is based on the probability of the risk occurring, while the impact rating is based on the potential consequences of the risk. The risk matrix is then generated by combining the likelihood and impact ratings into a single score, which is used to prioritize the risk.

How is the risk matrix used?

The risk matrix is used to identify and prioritize risks in a project or organization. It helps stakeholders understand the potential consequences of a risk and make informed decisions about how to manage it. The risk matrix can also be used to track the progress of risk management activities and to identify areas where additional resources may be needed.

How is the risk matrix updated?

The risk matrix is updated as new information becomes available or as the project or organization changes. All that has to be done is to update the requirements impacted by the new information! The risk calculation is performed in real-time whenever the risk matrix is loaded, ensuring that the risk matrix is always up-to-date.

Individual Risk Pages

Requify allows the user to dig deeper into the risk matrix categories by generating a list of requirements that fall into each category. This allows the user to quickly identify the risks associated with a particular category and take action to mitigate them.

To load the page, simply click on any tile in the risk matrix.

The results on each page can also be exported to a CSV or Excel file for further analysis.