Risk Management
Risk Assessment Matrix Template
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Risk Assessment Matrix Template

Explore our Risk Assessment Matrix Template, a comprehensive tool for categorizing, scoring, mitigating, and monitoring risks in an organized, budget-friendly manner.
1
Identify risk categories
2
List potential risk items for each category
3
Score each risk item based on the likelihood of its occurrence
4
Score each risk item based on the severity of its impact
5
Calculate risk rating for each item by multiplying likelihood and impact scores
6
Approval: Risk Rating
7
Identify mitigation measures for high-risk items
8
Assign responsibility for mitigation measures
9
Estimate costs associated with each mitigation measure
10
Incorporate cost estimates into budget planning process
11
Plan for implementation of mitigation measures
12
Approval: Mitigation Measures Implementation Plan
13
Execute mitigation measures per plan
14
Monitor implementation and effectiveness of mitigation measures
15
Update risk assessment matrix based on implementation findings and feedback
16
Approval: Updated Risk Assessment Matrix
17
Communicate updated risk assessment to stakeholders
18
Approval: Communication to Stakeholders
19
Schedule next risk assessment review
20
Record all steps of the process for audit purposes