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Risk Assessment Matrix (ISO) - 3

The document provides a risk assessment matrix to evaluate risk levels based on the consequence or impact and likelihood of risks. It defines four risk levels - extreme, high, moderate, and low - and the corresponding management actions required for each. Extreme risks require a detailed action plan before progressing, while high risks need immediate senior management attention. Moderate risks are managed through specific responsibilities, and low risks can be managed through routine procedures. The matrix should be used along with tables defining qualitative measures for consequence (from insignificant to catastrophic) and likelihood of occurrence (from rare to almost certain).

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Verina Galdas
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865 views

Risk Assessment Matrix (ISO) - 3

The document provides a risk assessment matrix to evaluate risk levels based on the consequence or impact and likelihood of risks. It defines four risk levels - extreme, high, moderate, and low - and the corresponding management actions required for each. Extreme risks require a detailed action plan before progressing, while high risks need immediate senior management attention. Moderate risks are managed through specific responsibilities, and low risks can be managed through routine procedures. The matrix should be used along with tables defining qualitative measures for consequence (from insignificant to catastrophic) and likelihood of occurrence (from rare to almost certain).

Uploaded by

Verina Galdas
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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A RISK ASSESSMENT MATRIX

Qualitative risk analysis matrix - level of risk


Extreme risk (E) - detailed action plan required to manage risk before progressing
High risk (H) - needs immediate senior management attention
Moderate risk (M) - specific management responsibility
Low risk (L) - manage by routine procedures

Read the above table in conjunction with the following tables from the same source:
Qualitative measures of consequence or impact
Level

Descriptor

Description

Insignificant

Injuries or ailment not requiring medical treatment

Minor

Minor injuries or First aid treatment

Moderate

Serious injuries causing hospitalization or multiple medical treatment cases

Major

Life threatening injuries, multiple serious injuries causing hospitalisation

Catastrophic

Death or multiple life threatening injuries

Qualitative measures of likelihood


Level

Descriptor

Almost certain

4
3

Probability

Historical

>1 in 10

Is expected to occur in most circumstances

Likely
Possible

1 in 10 - 100
1 in 100 - 1000

Will probably occur


Might occur at some time in the future

Unlikely

1 in 1000 - 10000

Could occur at some time but doubtful

Rare

1 in 10000 - 100000

May occur only in exceptional circumstances

Source: ISO 31000: 2009

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