Review of the strengths and weaknesses of risk matrices

Abstract

Risk assessment and risk matrices are powered tools used in risk management and help guide in the process of decision-making in organisations. Nevertheless, risk matrices have their own weaknesses and strengths. This paper provides a critical overview of the development and use of risk matrices in different field with an example of the risk matrix used by the National Health Service (NHS) in England. Risk matrices are helpful tools for risk assessment as they use quantitative measures to ensure consistent method of determining risk but organisations should adjust the design and size of risk matrices to suit their needs.