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Risk Matrix Activity
In the risk matrix activity, participants build a visual representation of the threats facing their organization. Using the traditional risk analysis criteria of probability and impact, participants discuss each risk and develop a consensus of where it lies on the matrix, building a shared framework for addressing threats and developing plans. While traditional risk assessments use this matrix to identify and address high impact, low probability events, the risk matrix activity broadens the planning focus beyond this quadrant to include the development and exercise of training and skills that will help the team address more common interruptions.
How the Risk Matrix Activity works
Each participant is given cards representing specific natural, intentional, and accidental threats drawn from the company risk assessment. Participants must determine where to place each threat within the four quadrants of the matrix, based on its degrees of probability and impact. They also have the chance to share their own experiences with threats. Afterwards, the team examines the placement of each threat on the matrix, deciding as a team what needs to be adjusted. Their effort to gain group consensus indicates how much individual perception can affect our interpretations of risk, and demonstrates the necessity of having a common framework to understand the company's risk environment. As participants learn the characteristics of each type of risk, they also see the need for varying levels of planning in resolving these risks, training, and investment.
Benefits of the Risk Matrix Activity
Contact us to find out more about how the Risk Matrix activity can help your organization.