Question 1

What is the significance of risk severity levels in the matrix?

Accepted Answer

Risk severity levels provide a quantifiable measurement of the threat posed by any given risk. In a 5x5 risk matrix, there are five different severity levels (negligible, marginal, moderate, critical, and catastrophic). A 4x4 risk matrix has four different severity levels (negligible, marginal, critical, catastrophic), while a 3x3 risk matrix has three different severity levels (marginal, moderate, and critical).

Classifying risks in this manner makes it easy to see which risks need to be addressed immediately and which ones can be delayed to a later date (if at all).

Question 2

How often should a risk assessment matrix be updated?

Accepted Answer

While risk matrices should be updated over the course of time, there is no right or wrong answer regarding the frequency of these updates. It is worth noting, however, that regular updates give you the opportunity to remove any resolved risks and add any new risks that have been uncovered since the project began. Moreover, updating the risk matrix at regular intervals is a great way to give novice PMs and new project teammates more experience with the entire process.

Question 3

Can a risk assessment matrix be used in different industries?

Accepted Answer

Absolutely! Risk matrices aren’t limited to one specific industry, field, or profession. In fact, they are often customized in order to meet the user’s exact needs. Feel free to customize your risk assessment matrix by adding more risk categories, modifying the scoring criteria, or by using a different sized matrix altogether. The most important thing to remember here is that the risk matrix needs to work for you and your team. If it doesn’t or if it’s confusing to your project teammates, then it’s time to make a change.

Question 4

Is risk assessment matrix sizing really important?

Accepted Answer

Yes and no. Generally speaking, smaller risk matrices work better for smaller projects. However, depending on the size and scope of the project, any matrix size should do. Most professionals don’t recommend going any larger than 5x5, however, as this often results in more complexity than it’s worth. For best results, stick to a 3x3, 4x4, or 5x5 risk assessment matrix.

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