Internet, The Risk Matrix Research Assignment Paper
For this module, you are asked to consider the risk matrix as a tool for risk assessment. Your response to this module should be packaged as a single PDF file that addresses the questions below. Resources for this module include the following:
The Internet
PAPER: What's Wrong with Risk Matrices?
Article: What's Right with Risk Matrices? (Links to an external site.)Links to an external site. - I encouraged the author to write this...
PAPER: Designing an Effective Risk Matrix?
Video:
Why Most Risk Assessments are Wrong if not Dangerous (Links to an external site.)Links to an external site.
PAPER: Further Thoughts on the Utility of Risk Matrices
Do some Internet sleuthing to learn all you can about the "risk matrix." Copy and past no less than five example risk matrices that you encountered online.
Describe what a risk matrix is and what it is used for.
Read the Cox article. What are Cox's criticisms of risk matrices? What is his general conclusion?
Read the Talbot article. What is Talbot's response to Cox? What is right about risk matrices?
What do you think? Feel free to do a pros/cons assessment.
The Risk Matrix
Name:
Institution:
Date of submission
The Risk Matrix
Examples of Risk matrices
* Open disclosure standard
* Incident grading matrix
Level
Descriptor
Description
1
Insignificant
No injuries, low financial loss
2
Minor
First aid treatment, on-site release immediately contained, medium financial loss
3
Moderate
Medical treatment required, on-site release contained with outside assistance, high financial loss
4
Major
Extensive injuries, loss of production capability, off-site release with no detrimental effects, major financial loss
5
Catastrophic
Death, toxic release off-site with detrimental effect, huge financial loss
* Qualitative risk analysis matrix
Likelihood
Consequences - insignificant 1
Consequences - minor 2
Consequences - moderate 3
Consequences - major 4
Consequences - catastrophic 5
A (almost certain)
H
H
E
E
E
B (likely)
M
H
H
E
E
C (moderate)
L
M
H
E
E
D (unlikely)
L
L
M
H
E
E (rare)
L
L
M
H
H
* Safety Assessment Code (SAC) Matrix
Probability
Severity - catastrophic
Severity - major
Severity - moderate
Severity - minor
Frequent
3
3
2
1
Occasional
3
2
1
1
Uncommon
3
2
1