Risk Matrix?

Timebuzzer

New member
We have plans to put another branch of our convenience store business. This time our main goal is to really improve our data system. We want a tool that can help us manage and assess risk in any of our operational areas. With that, we heard about risk matrix and we are not familiar about it. Does it help in decision making? Will it be worth it for our business? How do we come up with a suitable risk matrix? We want to hear your ideas in relation to our store.
 

Lindsay

New member
Re: Risk Matrix?

A risk matrix will help with decision-making because it makes it easy to see where the areas of risk lie and what risks really need to be priorities. Effectively it is just a graph-style diagram with risks plotted on it by likelihood of occuring on one axis and severity of occuring on the other. You don't need special software to do one, you can do it in Excel, or even on a whiteboard.

I always prefered the standard risk logs and SWOT analysis, but then I'm old-fashioned!
 
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