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Paper

  • Submitted by: Tristancappa
  • on August 20, 2015
  • Category: Miscellaneous
  • Length: 449 words

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Risk Matrix, Consequence And Likelihood Tables

Risk Matrix

The following risk matrix is used in this document, however there are several variations on this matrix that can be found in the literature. It does not matter which matrix you use as long as you consistently use the same matrix.

|                         |CONSEQUENCE                                                                                         |
|LIKELIHOOD               |Insignificant (1)     |Minor (2)         |Moderate (3)         |Major (4)         |Extreme (5)         |
|Rare (1)   |Low               |Low                                                                                               |
|1         |Rare             |May only occur in exceptional circumstances; simple process; no previous incidence of             |
|           |                 |non-compliance                                                                                   |
|2         |Unlikely         |Could occur at some time; less than 25% chance of occurring; non-complex process &/or existence   |
|           |                 |of checks and balances                                                                           |
|3         |Possible         |Might occur at some time; 25 – 50% chance of occurring; previous audits/reports indicate         |
|           |                 |non-compliance; complex process with extensive checks & balances; impacting factors outside       |
|           |                 |control of organisation                                                                           |
|4         |Likely           |Will probably occur in most circumstances; 50-75% chance of occurring; complex process with some |
|           |                 |checks & balances; impacting factors outside control of organisation                             |
|5         |Almost certain   |Can be expected to occur in most circumstances; more than 75% chance of occurring; complex       |
|           |...

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