Risk Probability and Impact Matrix

When you need it

Use this matrix after probability and impact criteria are defined, when the project needs a common visual structure for combining assessed likelihood and consequence levels into relative risk-priority categories.

What it helps you decide

It supports consistent prioritization across risks assessed under the same conventions, helping reviewers compare attention needs while retaining the underlying scenario, evidence, and exceptional impacts that a matrix cell cannot explain alone.

How to complete it

1. Confirm the approved likelihood and impact definitions before populating Likelihood / impact and the I1 through I5 columns with the intended project rating structure.
2. Check that the matrix orientation and each impact column match the adopted criteria, including how combined or exceptional consequences are handled outside simple cell selection.
3. Use the matrix alongside the actual risk records, reviewing inconsistent ratings and documenting any authorized interpretation changes through the project's risk-management arrangements before wider application.

Who prepares and reviews it

A risk specialist normally configures the matrix with project controls and objective-specific experts. The authorized governance role approves the rating conventions, while risk owners apply them and reviewers challenge unsupported or inconsistent assessments.