Who is this article for?
Risk Managers responsible for managing risk assessments.
Staff access to create risk matrices is needed.
The Risk module allows you to assess the potential impact of an event taking place. A matrix is used to quantify the likelihood and severity of the risk event with each cell in the matrix suggesting a course of action. This article outlines the steps to create a risk matrix which can be used to perform a risk assessment. This article does not include any details on how to perform the risk assessment (please visit How to Perform a Risk Assessment for details on how to use the risk matrix during an assessment).
To make the matrix creation process easier to learn, this article is split into 5 sections so that you can either walk through the steps in sequence or you can jump to the section relevant to what you are doing in Q-Pulse Cloud:
- Create the Basic Matrix
- Confirm the Sort Order
- Apply Risk Bands and Strategies
- Activate the Matrix
- Further Reading
1. Create the Basic Matrix
The first step is to create the basic matrix. This includes the overall structure and dimensions required by your assessment.
To create the matrix:
- Click on Risk and then Risk Matrices.
- Click the [Create New Risk] button.
- In the Create Risk Matrix window, enter:
- Title: A unique and meaningful title that users performing a risk assessment will see.
- Description: A description of the risk matrix.
- Dimensions: Select how many dimensions you require on the risk matrix.
- Click [Save].
Note: The maximum number of perspectives you can apply to each dimension is 10, meaning the largest matrix you can produce is 10x10.
2. Confirm Sort Order
Both the likelihood and severity axis will be sorted by Low to High. You may want to change this.
To change the order:
- Click on the Ellipsis button.
- Choose the order available for each:
- Low to High Severity: Numbers increase from bottom to top.
- High to Low Severity: Number decrease from bottom to top.
- Low to High Likelihood
3. Apply Risk Bands and Strategies
The risk cells are weighted based on the choices from each dimension and as a result will have their own score along with a banding and recommended strategy to respond to the risk. These can be applied to each cell according to your risk appetite.
Need to change the bands or strategies available? Visit How to Create a New Risk Band or How to Create a New Risk Strategy for details.
To apply bands and strategies:
- Click on a cell.
- In the detail section, click on Risk Band.
- Choose the band you would like to apply.
- Click on Suggested Strategy.
- Choose the strategy you would like to apply to risks that meet this criteria.
- If required, update the Score.
- Repeat this process for all cells.
4. Activate the Matrix
The final step is to activate the matrix.
- Click on the Ellipsis.
- Select Activate.
5. Further Reading
- How to Revise a Risk Matrix
- How to Deactivate, Archive or Delete a Risk Matrix
- How to Perform a Risk Assessment