Risk Matrix Features

Mastt’s risk management tools will ensure best-practice risk management and make life easy:

🔷 Matrix Structure: Develop a risk matrix structure using either a 5x5 or 4x4 grid format.

🔷 Likelihood and Impact: Specify custom names and descriptions for likelihood and impact.

🔷 Pre and Post Treatment: Assess risk likelihood and impacts both pre and post treatment.

🔷 Color-Coding: Modify the coloring of individual cells within the risk matrix to differentiate levels of risk severity.

🔷 Charts and Visualizations: Utilize built-in charts, tables, and visualizations to analyze risk ratings, categories, and cost / time impacts effectively.

🔷 Aggregate Risk Data: Easily aggregate risk data automatically by adding or removing projects from programs and portfolios.

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Risk Matrix Example

Categories, ratings and color-coding plays a crucial role in a 5×5 or 4x4 risk matrix, highlighting the combined levels of probability and impact for identified risks. High risks are typically marked in red 🔴, moderate risks in yellow 🟡 (amber), and low risks in green 🟢. To further differentiate specific risk ratings project owners and project managers can use closely related colors like orange 🟠, light red, and light green.

For this example, recall the matrix consists of two axes that form the grid with 5 risk rating levels (most commonly) used to assess risks.

Likelihood

Likelihood pertains to how likely a risk is to occur. For example, the 5 risk ratings could be:

• Rare – unlikely to happen and/or have minor or negligible consequences.
• Unlikely – possible to happen and/or have moderate consequences.
• Moderate – likely to happen and/or have serious consequences.
• Likely – almost sure to happen and/or have major consequences.
• Almost certain – sure to happen and/or have major consequences.

Impact‍

Impact assesses the level of effects/severity/damage a risk can have on a project. This is different per category, however the general terms for describing the 5 levels of impact using a 'Safety' category are:

• Minor – Won’t cause serious injuries or illnesses; minor first aid needed.
• Moderate – Can cause injuries or illnesses, but only to a mild extent; may require basic first aid or medical treatment.
• Major – Can cause injuries or illnesses requiring medical attention but limited treatment; might result in temporary work restrictions.
• Critical – Can cause irreversible injuries or illnesses needing constant medical attention; could result in long-term disability.
• Catastrophic – Can result in fatality or permanent disability.

Each box in the risk matrix represents a risk rating calculated based on its levels of probability and impact. Numeric values are often used to better represent these risk ratings.

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Categories‍

In a construction project, risks fall into categories like safety, financial, environmental, and operational, each affecting the project differently. Safety risks involve worker injuries, financial risks impact budgets, environmental risks deal with compliance and ecological harm, and operational risks relate to project execution and delays. The impact of a risk within each category can vary significantly, so be sure to assess risks against the categories they impact, to determine the correct impact rating.

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Step by Step Guides

Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.