**PLEASE NOTE THAT THIS IS A BETA METHOD - FOR MORE INFORMATION SEE THIS ARTICLE**
As old as the modern concept as risk itself, the risk matrix is a common method of assessing risks in business. From banks, to healthcare, from NASA to the NHS - there's a level of ubiquity of this method that is hard to ignore, perhaps because it is simply so logical and simple.
How it works?
In the workshop, firstly the participants add as many risks that they can think off. Once this is complete, then they can then score risks by likelihood and impact. Once all the risks have been scored by the participants, they are plotted on a matrix showing the most critical risks to attend to in the top right hand corner. You can discard any risks that don't make sense to attend to later in the workshop
Once the key risks to frame idea creation have been identified, they can be turned into up to 8 themes to progress.
Recommended time: 15-30 minutes
Number of participants: 3-20+
When to use it:
When you want to use a traditional risk matrix to ascertain the key risks you want to find mitigations for.
Things to think about:
- Make sure to discard the risks that the participants have determined aren't a priority; you can only take 8 forward so use the opportunity to discard the least probable/impactful ones whilst in the matrix stage