When we rank risks in terms of their damage causing potential, we are doing risk assessment

What is a 4x4 risk matrix?

A 4x4 risk matrix contains 4 levels of probability and severity.

For example, a standard 4x4 matrix has the following values:

Likelihood

1. Improbable (unlikely, though possible)
2. Remote (could occur occasionally)
3. Probable (not surprised, will occur in given time)
4. Frequent (likely to occur, to be expected)

Severity

1. Negligible (the hazard will not result in serious injury or illness, or has a remote possibility of damage)
2. Marginal (the hazard could cause illness, injury, or equipment damage but its effects would not be serious)
3. Critical (the hazard can result in serious injury or illness, property or equipment damage)
4. Catastrophic (the hazard is capable of causing death and illness)

What are the benefits of using a 4x4 risk matrix?

The 4x4 risk matrix offers more complexity than the simpler 3x3 template. Too small or too large a matrix may not give a sufficient, or too vague of an assessment, so for many projects, a 4x4 matrix is "just right."

What are the drawbacks to using a 4x4 risk matrix?

Critics argue that it can become all too easy for potential risks to be classified in the medium range and therefore for management to view risk assessments as a "tick the box" exercise. When this occurs, it's possible for common safety hazards to be taken less seriously despite still posing potential risk.

What is a 5x5 risk matrix?

A 5x5 risk matrix contains 5 levels of probability and severity.

Likelihood

1. Improbable (unlikely to occur)
2. Remote (unlikely, though possible)
3. Occasional (likely to occur occasionally during standard operations)
4. Probable (not surprised, will occur in a given time)
5. Frequent (likely to occur, to be expected)

Severity

1. Negligible (the hazard will not result in serious injury or illness, or has a remote possibility of damage)
2. Marginal (the hazard could cause illness, injury, or equipment damage but its effects would not be serious)
3. Moderate (the hazard can result in serious injury or illness, property or equipment damage)
4. Critical (the hazard can result in serious injury or illness, property or equipment damage)
5. Catastrophic (the hazard is capable of causing death and illness)

What are the benefits of using a 5x5 risk matrix?

Of the three matrix sizes, the 5x5 format allows EHS professionals to conduct risk assessments with the most detail and clarity.

What are the drawbacks to using a 5x5 risk matrix?

Some argue that a 5x5 matrix is too complex and too much work to use for smaller projects. For some tasks, it becomes questionable whether this level of granularity is really necessary.

Does one size really fit all?

Should an entire company employ a single common risk assessment matrix or should each department have its own specific one? The former allows for a consistent approach. But the latter allows for more highly targeted assessments. Ultimately, it's best for an organization to be able to adjust the size and design of its risk matrix as needed.

How can Safety Management Software help?

Risks pose real-time threats, and you have to be able to make informed decisions to mitigate them quickly. Trying to manage assessments using paper and spreadsheets is unwieldy and limits participation. Using safety management software (like Vector EHS!), you can continually update and easily modify your risk matrix to meet your specific operational needs.

By using a web-based matrix and assessment tool, it also becomes easier to share them across your organization's locations.

You can easily add as many levels to your risk matrix as you like and set probability and severity values and their scores. Adding or archiving levels can be accomplished with a simple click of the mouse.

Risk management software also allows you to get a clear picture of risks throughout your organization. You can roll-up the data to get a global perspective or zero in on a single facility or department, examining each and every significant hazard along with identified controls.

With safety software, there's also less chance that your risk assessments will grow old and out of date. When assessing a new risk, you can determine the period in which the hazard will need to be re-evaluated and ensure that this is completed in a timely fashion.

Web-based risk matrices can automatically calculate a hazard's risk after you choose its probability and severity, saving you time. After identifying steps to mitigate the risk, safety software can even help you take your assessment a step further by allowing you to calculate the hazard's residual risk after controls are set.

Learn more about how Vector EHS management software can help you to conduct easy, accurate risk assessments today.

Which of the following are important activity of risk management?

Which of the following are two popular configuration management tools on a most Unix system?

What is a software risk assessment?

Which one is not a risk management activity?