What Is A Risk Matrix? (5 Must-Know Elements)

What is a risk matrix? How do you use it? Watch this video to learn everything you need to know!

We cover what constitutes risk, the purpose of the matrix, the different risk categories, qualitative vs quantitative assessment, initial and residual risk, and the different risk levels.

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00:00 - Intro
00:52 - What is Risk?
01:28 - What is a Risk Matrix?
02:11 - Likelihood and Severity
03:35 - Risk Categories
05:02 - Qualitative vs Quantitative
06:02 - Initial Risk Vs Residual Risk
07:02 - Risk Levels
07:55 - Adding Matrix to Bowtie Diagram
08:52 - Outro

We made reference to our 'bowtie diagram terminology' video, which can be found here:   • Bowtie Diagram Terminology: 7 Must-Know Te...