What is a risk matrix? | Effective Risk Assessments | iHASCO

Using a risk matrix allows you to evaluate each risk and helps to indicate which hazards to deal with first. It’s not about just doing the easy things first. A risk matrix helps you to develop a prioritised action plan.
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VIDEO TRANSCRIPT:
Most organisations won’t need to use risk matrices, but they can be useful for working out the level of risk associated with a particular hazard and for prioritising hazards.
To create a 5x5 risk matrix, first assign a numerical value from 1 to 5 as the likelihood of the event happening, where 1 indicates that there’s a very low chance of it happening and 5 means that it’s almost certain to happen. Then assign a numerical value, again from 1 to 5, representing how bad the injury could be or its severity, where 1 is the lowest - it would cause a fairly minor injury, and 5 means that the consequences would be the most serious, maybe even fatal. You then MULTIPLY the two values together. (It’s really important to remember to multiply and NOT add the numbers.) You then need to plot your hazard on the matrix to see if it falls in the low, medium or high-risk area.
Let’s look at an example - a new employee with no training in charge of a fork-lift truck - the likelihood of an accident is extremely high - 5, the severity of the injury which could result from the accident is also very high - 5. So, the risk level is 5x5 - twenty-five - which is the highest it could be. You replace the new employee with a fully trained member of staff and the likelihood of an accident reduces to 1, however - it’s really important to remember that the severity of any injury could STILL BE 5. So, the risk would now be 1x5 five.
Using a risk matrix allows you to evaluate each risk and helps to indicate which hazards to deal with first. It’s not about just doing the easy things first. A risk matrix helps you to develop a prioritised action plan.

[@oiledfingers7108]

Wow 😍 very simple