Risk Matrix Template
Identify and prioritize risks based on their probability and severity.
About the Risk Matrix template
What is a risk matrix?
A risk matrix, also known as a probability matrix or impact matrix, is a tool that helps you evaluate risk by visualizing risks in a diagram. It allows you to weigh the severity of a potential risk against the probability that the risk might occur.
When to use a risk matrix
Risk matrices are useful because they visually represent the risks involved in a decision. They allow you to easily and quickly see possible consequences of a choice. This empowers you to avoid worst-case scenarios by preparing contingencies or mitigation plans.
Risk matrices vary, but in general, are used to categorize risks in the following ways:
Critical/high priority risks: These risks are the most severe, so they must be dealt with immediately. Most teams choose to escalate critical risks to meet a deadline or serve a need before it balloons out of control.
Major risks: These risks carry slightly less severe potential consequences than critical risks. But they should still be treated with urgency.
Moderate risks: Risks that fall under this category are not high priority. They are usually associated with devising an alternate strategy to overcome a setback during a project.
Minor risks: The team should address these risks only once the others have been mitigated.
Create your own risk matrix
The risk matrix comprises a series of sticky notes in a grid set across two axes: probability—from rare to very likely, and impact—from trivial to extreme. Miro’s whiteboard tool is the perfect canvas to create and share your risk matrix.
Step 1: Get started by selecting this Risk Matrix template.
Step 2: You can outline various risks (which can be color-coded depending on type of risk or who is affected by it) then place them on the grid to promote robust discussions, facilitate workshops, or present risk data in a visual chart.
Step 3: If you already have a risk matrix in your spreadsheets —whether Google Sheets, Excel, or other types—it’s easy to digitize. Just copy and paste it on the board and all cells will be displayed as sticky notes.