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What Is A Risk Matrix? (5 Must-Know Elements)

What is a risk matrix? How do you use it? Watch this video to learn everything you need to know! We cover what constitutes risk, the purpose of the matrix, the different risk categories, qualitative vs quantitative assessment, initial and residual risk, and the different risk levels. Don't forget to subscribe to our channel for more insight. Want to make a bowtie diagram? Book a demo with Bowtie Master where we'll get you to grips with the software and create a bowtie diagram together. Click here to book: https://calendly.com/jomc-mge/bowtie-... And to learn more about bowtie diagrams, visit our website: https://bowtiemaster.com/ Our Free Bowtie Diagram Template is here: https://bowtiemaster.com/free-bowtie-... 00:00 - Intro 00:52 - What is Risk? 01:28 - What is a Risk Matrix? 02:11 - Likelihood and Severity 03:35 - Risk Categories 05:02 - Qualitative vs Quantitative 06:02 - Initial Risk Vs Residual Risk 07:02 - Risk Levels 07:55 - Adding Matrix to Bowtie Diagram 08:52 - Outro We made reference to our 'bowtie diagram terminology' video, which can be found here:   • Bowtie Diagram Terminology: 7 Must-Know Te...  

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