Risk Matrix

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.

When to use it

When you want to use a traditional risk matrix to ascertain the key risks you want to find mitigations for.

How to set up the risk matrix

In the session, firstly the participants may add as many risks that they can think of.

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, so discard the least probable/impactful ones whilst in the matrix stage.

Once this is complete, then they can then score risks by likelihood and impact.

How it works during a live session:

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 session.

Once the key risks to context 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+


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