Safety Professionals use a risk matrix to assess the various risks of hazards (and incidents), often during a job hazard analysis. Understanding the components of a risk matrix will allow you and your organization to manage risk effectively and reduce workplace illnesses and injuries. Check out the three components of the risk matrix; severity, probability, and risk assessment that we utilize in Vector EHS Management software below.
No time to read? You can download our Risk Matrix Calculation Guide to review it at your convenience:
Severity is the amount of damage or harm a hazard could create and it is often ranked on a four point scale as follows:
Probability is the likelihood of the hazard occurring and it is often ranked on a five point scale:
Risk matrices come in many shapes and sizes. For more information on how to build a risk matrix that's right for your project, see our more detailed guide.
The Risk Assessment values are determined by multiplying the scores for the Probability and Severity values together. The higher the risk assessment, the greater the overall risk for the project. This method helps balance the weight of severity and probability, as you can see in the following chart that displays the default risk assessment values:
After you’ve evaluated the risks of a project, you can prioritize which risk controls to implement first.
All risk mitigation activities should be clearly defined; objective, not subjective; and have specific, measurable outcomes.
Hazard identification and risk management should be processes of continuous improvement. Your organization’s risks may change over time, so you should periodically review and update your risk matrix.
Risk management tools can save health and safety professionals valuable time and resources.
Check out our hazards product information page to learn more about how the Vector EHS Management software can assist you in tracking, reporting, and analyzing your risks.