Used to scale risk by considering the probability, likelihood, and consequence or impact of the risk. What is this concept called?

Used to scale risk by considering the probability, likelihood, and consequence or impact of the risk. What is this concept called?

• A. Risk register
• B. Risk matrix
• C. Risk assessment
• D. Risk heat map

Answer: (B)

Assessing risk by combining how likely something is with how severe its impact creates a risk rating on a structured grid. A risk matrix places each identified risk into a cell based on two axes: the probability (likelihood) of the event occurring and the consequence (impact) if it happens. Each cell corresponds to a risk level such as low, medium, high, or critical, and is often color-coded to help prioritize responses. This method translates uncertainty into a clear, actionable picture so you can focus mitigation efforts where the combination of likelihood and impact yields the greatest risk. For context, a risk register documents identified risks and their status, a risk assessment is the broader process of identifying and evaluating risks, and a risk heat map is a visual representation of risk levels (often derived from the matrix). But the scaling mechanism that blends probability with consequence into a prioritized rating is the risk matrix.

Assessing risk by combining how likely something is with how severe its impact creates a risk rating on a structured grid. A risk matrix places each identified risk into a cell based on two axes: the probability (likelihood) of the event occurring and the consequence (impact) if it happens. Each cell corresponds to a risk level such as low, medium, high, or critical, and is often color-coded to help prioritize responses. This method translates uncertainty into a clear, actionable picture so you can focus mitigation efforts where the combination of likelihood and impact yields the greatest risk.

For context, a risk register documents identified risks and their status, a risk assessment is the broader process of identifying and evaluating risks, and a risk heat map is a visual representation of risk levels (often derived from the matrix). But the scaling mechanism that blends probability with consequence into a prioritized rating is the risk matrix.