An interactive tool to evaluate and visualize risks by combining probability and consequence. Configure the matrix dimensions and labels to suit your needs.
Click on a cell in the matrix to assess its risk level
"The probability of something bad happening"
Or simply: "How afraid/worried should I be about this going wrong?"
On a two-dimensional matrix, probability ("how likely") is represented on one axis, and consequence ("how bad") is represented on the other axis. This is known as a Risk Assessment Matrix (RAM).
Probability × Consequence = Risk Score
The resulting number is very useful when comparing two or more different risks—the larger the number, the higher the risk. This allows you to prioritize which risks need immediate attention.
Risk numbers are categorized into different levels called "risk bands." Traffic light colors are used because they're universally understood:
Unacceptable. Requires immediate action to reduce or eliminate the risk.
Caution required. Monitor closely and implement mitigation measures.
Acceptable. Continue normal monitoring and periodic review.
"The term 'acceptable risk' describes the likelihood of an event whose probability of occurrence is small, whose consequences are so slight, or whose benefits (perceived or real) are so great, that individuals or groups in society are willing to take or be subjected to the risk that the event might occur."
— Ed Davidson, LinkedIn, November 2021
"Nothing can be absolutely free of risk. One can't think of anything that isn't, under some circumstances, able to cause harm. Because nothing can be absolutely free of risk, nothing can be said to be absolutely safe. There are degrees of risk, and consequently there are degrees of safety."
— William W. Lowrance, Of Acceptable Risk: Science and the Determination of Safety
In the real world, attaining zero risk is not possible. After risk avoidance, elimination, or control measures are taken, the residual risk should be acceptable as judged by decision-makers. For some situations, residual risk may be high and still be judged acceptable by participants in an activity.