Risk and opportunity matrix
A risk matrix or a risk assessment matrix is a visually comprehensible grid or table that helps categorize risks based on the level of impact or the severity of the consequences and the probability or the likelihood of the risk appearing.
Similarly, an opportunity matrix helps categorize the opportunity based on the level of impact that the opportunity could have on your business and the probability or likelihood of achieving success in that opportunity.
Risk and opportunity matrix
The risk and opportunity matrices come with default values that help classify the identified risks and opportunities using standard parameters. The following are the available default values in the risk matrix:
- Impact: Minor, Moderate, and Major
- Probability: Likely, Possible, and Unlikely
Risk matrix
The combinations of the impact levels and probabilities of the risk occurring are grouped into risk classes. The risk classes help understand the magnitude of the impact. Here, the risk classes are divided into two:
Inherent Class: The risk class at the time of adding the risk based on the impact and probability before creating mitigation plans.
Residual Class: The risk class that is generated after the mitigation controls are implemented and evaluation is submitted based on the renewed impact and probability.
The residual class indicates the reduced degree of severity of the identified risk, redeeming your project or organization from potential negative impact.
Opportunity matrix
The combinations of the impact levels and probabilities of the opportunity being favorable are grouped into opportunity classes. The classes help understand the range within which the opportunity lies. Here, the opportunity classes are divided into two:
Inherent Class: The opportunity class at the time of adding the opportunity based on the impact and probability before any action is taken.
Residual Class: The opportunity class that is generated after the action plans are implemented and evaluation is submitted based on the renewed impact and probability.
The residual class indicates the heightened chance of the opportunity being converted profitable to your project, organization,
or business.
Customize matrix
You can customize the risk and opportunity matrix according to your organizational standards.
Add new impact
To add new impact:
- Click the gear icon at the top-right corner. The settings page will appear.
- Select Risk and Opportunities under Customization. The risk matrix grid will appear.
- Click +Impact available at the end of the impact row in the table. The Add Impact pop-up will appear.
- Enter Impact Name and specify after which existing impact the new impact should be placed.
- Select the Add to Risk/Opportunities checkbox to add the same impact to the other matrix as well.
- Click the Add button. The new impact will be added to the matrix.
Add new probability
To add new probability:
- Click the gear icon at the top-right corner. The settings page will appear.
- Select Risk and Opportunities under Customization. The risk matrix grid will appear.
- Click +Probability available at the end of the impact row in the table. The Add Impact pop-up will appear.
- Enter Probability Name and specify after which existing probability the new one should be placed.
- Select the Add to Risk/Opportunities checkbox to add the same probability to the other matrix as well.
- Click the Add button. The new probability will be added to the matrix.
Add new class
To add new class:
- Click the gear icon at the top-right corner. The settings page will appear.
- Select Risk and Opportunities under Customization. The risk matrix grid will appear.
- Click the Class button. The Add Class pop-up will appear.
- Select both Risk and Opportunity to add the class to both matrices.
- Enter Class Name and specify after which existing class the new one should be placed.
- Select Color Code for the class for visual difference. (Assign different color for the same class in opportunity matrix.)
- Click the Add button. The new class will be added to the matrix.
Edit impact, probability, or class
To edit the specifications of impact:
- Hover over the respective impact name or title at the head of the column. The edit icon will appear.
- Click the edit icon. The update window will appear.
- Update the required details.
- Click the Update button. The changes will be saved.
To edit the specifications of probability:
- Hover over the respective probability name or title at the head of the row. The edit icon will appear.
- Click the edit icon. The update window will appear.
- Update the required details.
- Click the Update button. The changes will be saved.
To edit the specifications of class:
- Hover over the respective class name or title available above the matrix grid. The edit icon will appear.
- Click the edit icon. The update window will appear.
- Update the required details.
- Click the Update button. The changes will be saved.
Note:
-
The changes will be applied to the existing risks and evaluations, leading to altered conclusions.
Delete impact, probability, or class
To delete an impact:
- Hover over the respective impact name or title at the head of the column. The delete icon will appear.
- Click the delete icon. A confirmation pop-up will appear.
- Click the Delete button.
Note:
- If the impact is available in both risk and opportunity matrix, click the Remove button to delete the impact only from the risk matrix. The same applies to removing the impact from the opportunity matrix.
- If the impact has risks and evaluations associated, move them to another impact and delete it.
- If the impact has opportunities and evaluations associated, move them to another impact and delete it.
- Default impacts cannot be deleted but can be renamed.
To delete a probability:
- Hover over the respective probability name or title at the head of the row. The delete icon will appear.
- Click the delete icon. A confirmation pop-up will appear.
- Click the Delete button.
Note:
- If the probability is available in both risk and opportunity matrix, click the Remove button to delete the probability only from the risk matrix. The same applies to removing the probability from the opportunity matrix.
- If the probability has risks and evaluations associated, move them to another probability and delete it.
- If the probability has opportunities and evaluations associated, move them to another probability and delete it.
- Default probabilities cannot be deleted but can be renamed.
To delete a class:
- Hover over the respective class name or title available above the matrix grid. The delete icon will appear.
- Click the delete icon. A confirmation pop-up will appear.
- Click the Delete button.
Note:
- If the class is available in both risk and opportunity matrix, click the Remove button to delete the class only from the risk
- matrix. The same applies to removing the class from the opportunity matrix.
- If the class has risks and evaluations associated, move them to another class and delete it.
- If the class has opportunities and evaluations associated, move them to another class and delete it.
- Default classes cannot be deleted but can be renamed.
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