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Rehabilitating risk matrices
Read this article and find out how to make the most of the risk matrix by transforming it into a risk plane.
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The risk matrix is the most frequently used tool for reporting potential events that may negatively impact the company's objectives. It provides a visual representation to manage risks by reducing the likelihood of them occurring or ameliorating the consequences if they do.
But is the risk matrix the best way to do this? Can we do better?
In this article, Graeme Keith points out some of the shortcomings of the matrix approach and suggests an alternative that could open the door to several possibilities, the risk plane.
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Graeme Keith
Graeme Keith is an advisor in the application of quantitative methods to risk management, portfolio analysis and strategy. He is an expert in uncertainty quantification, decision modelling under uncertainty and causal inference. He is experienced in management as a leader of corporate strategy and risk management functions, and over 20 years of experience in applying mathematical modelling to business and policy decisions. He also has a PhD and post-doc in applied mathematics.
