Templates
Risk analysis matrix template

Risk analysis matrix template

Evaluate and prioritize risks with our risk analysis matrix template. Help your team make informed decisions, mitigate threats, and protect your organization.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
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Learn more
or Download template as PDF
Risk analysis matrix template

Evaluate and prioritize risks with our risk analysis matrix template. Help your team make informed decisions, mitigate threats, and protect your organization.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF

A risk analysis matrix allows you to evaluate potential threats by plotting their likelihood against impact severity. This visual assessment tool enables you to categorize risks as low, medium, high, or extreme, allowing for informed prioritization of mitigation efforts.

Research shows that around 65% to 75% of projects fail because of issues or risks at the start. This template helps you prevent this through a framework for identifying critical threats before they derail your objectives. When faced with multiple competing risks across departments, you can also make data-driven decisions about which issues demand immediate attention.

Related categories

Preview of the template
Entity
Page 1
Risk Analysis Matrix
Risk Name
Risk Description
Likelihood
Impact
Risk Level

Frequently asked questions

How can I ensure consistency when multiple team members are evaluating risks?

Create clear definitions for each likelihood and impact level before starting the assessment process. Provide specific examples for each rating to serve as benchmarks. Consider conducting calibration sessions where the team evaluates sample risks together to align their understanding. Finally, document your rating criteria and review assessments regularly to identify and address inconsistencies.

How can I use this matrix to prioritize my risk response strategies?

Focus first on risks in the “extreme” category, which demand immediate action and possibly multiple mitigation approaches. For “high” risks, develop specific action plans with assigned owners. “Medium” risks typically require monitoring and basic controls, while “low” risks may need only periodic review. This prioritization helps allocate your limited resources to where they’ll have the greatest impact.

How can I make my risk analysis more objective and less based on gut feeling?

Gather historical data from similar projects or operations. Use industry benchmarks and statistics where available. Involve diverse team members with different perspectives in your assessment. Document the reasoning behind each rating to make your thinking explicit. Consider using quantitative measures where possible, such as financial impact ranges for different severity levels.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.