Risk Management – Risk Matrix
IS IT POSSIBLE TO GIVE DUE ATTENTION TO RISK APPETITE AND ALARP IF WE USE 3*3 RISK MATRIX WHEN WE ASSESS OUR RISKS?
Many organizations choose to visualize and rank their risks and opportunities by using a risk matrix. Several use a 3-scale rating for impact and likelihood. When we ask these organizations the pros and cons of their choice, they tend to answer that the 3*3-matrix is simple and easy to grasp. Further, the existing standards and guidelines do not have any requirements in that area.