Who should use a risk assessment matrix?
Businesses of all sizes, from entrepreneurs to corporations alike, must deploy a risk assessment matrix per assessment to learn the level of risk of a specific hazard. This is to ensure that they can navigate risks and prevent disruption or surprises.
Doing so will help them remain successful in the long run.
Risk assessment matrices are needed by organisations that have a considerable amount of risk and need to identify, assess, and regulate risks.
The matrix is especially useful for companies that operate in highly uncertain environments or complex situations where there are many potential hazards and consequences.
A risk assessment matrix can help organisations look at all the potential risks they face from different perspectives, such as location, activity, department, product/service, or customer.
As such, firms like those in the finance, banking, healthcare, supply chain and logistics, IT security, or construction industries are most likely to benefit from having a risk assessment matrix.