About Lesson
A risk matrix is a tool used to visually represent the combination of the likelihood and impact of identified risks. It typically consists of a grid, where one axis represents likelihood (from low to high) and the other represents impact (from low to high). Each risk is plotted within the matrix, providing a quick, visual representation of the organization’s overall risk landscape.
A heat map is another visual representation of risk that uses color coding to indicate the severity of risks. Typically, red represents high-risk areas, yellow indicates medium risk, and green represents low-risk areas. Heat maps are useful for quickly identifying areas that need immediate attention.