Rehabilitating Risk Matrices

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.