## What's a risk matrix?

A risk matrix is a chart in which one axis represents the probability (or frequency) of an unwanted event while the other axis represents some measure of the consequence of the event.

In the example shown, the consequence is measured in dollars. The axes are subdivided to create categories of probability and consequence. Note that E-notation is used for very small or very large numbers to keep the chart labels compact. The risk matrix shows how any pair set {probability-category, consequence-category} maps to a risk level. In this example, there are four risk levels.

Risk matrices are widely used by organizations of all types and sizes (for example, engineering contractors, energy companies, arts organizations, leisure complexes, event management companies, sports organizations, hospitals, manufacturing companies, educational establishments, aerospace companies, government departments, etc). The organization's risk management procedures usually associate the risk levels with urgency, priority or nature of management action.

Quick Risk Matrix is software for rapid, easy, and accurate design of risk matrices. It is the first and only program on the market for this purpose.

Despite the apparent simplicity of a risk matrix, they are extraordinarily difficult to design. Most organizations (except those using Quick Risk Matrix of course) are using risk matrices that rank risks incorrectly (see our Blog for some examples). And wrong ranking means less efficient risk management.

## Quick Risk Matrix Benefits

### Create technically defensible risk matrices without specialist skills

Quick Risk Matrix uses a methodology that has been carefully developed to ensure that the resulting risk matrices will always be as accurate as possible, and you don't need to be a risk specialist to use the program.

### Learn best practices for risk matrix design

National and international standards encourage the use of risk matrices but provide hardly any guidance on how to design them. Quick Risk Matrix leads the program user step-by-step through a design process based on current best practice. Using Quick Risk Matrix is a great way to learn about risk matrix design.

### Access the experience of a risk professional

Quick Risk Matrix is developed by a risk professional, Peter Carr, based on 30 years’ experience of performing and facilitating risk assessments for some of the largest organizations in the world. Consultancy services are available if you need assistance with any aspect of risk management.

### Improve your organization's management of risk

A poorly designed risk matrix can mistakenly assign inaccurate ratings to risks, resulting in the wrong risk management actions. Investing in Quick Risk Matrix facilitates optimum actions, saving money and even lives.

### Save hours of time

Quick Risk Matrix is easy to use and fast. If you already know your risk tolerances, you can design a risk matrix in around 10 minutes.

### Eliminate avoidable error

There's enough uncertainty in risk management already. Don't add more by using a badly designed risk matrix. See our blog articles for examples of common errors in risk matrix design.

## The Author

Quick Risk Matrix is developed by Peter Carr BEng, MSc, DIC, CEng, MICE, MIStructE, MASCE.

Observing in his long career in risk assessment that most risk matrices were poorly constructed (even those presented in codes and standards, and those used by multinational organizations and government bodies), Peter felt there was a need for a design methodology and program that could be guaranteed to produce a technically sound risk matrix every time.