Definition(s)
Risk Matrix
Tool for ranking and displaying components of risk in an array. Risk matrices are user defined.
Source:API STANDARD 780, Security Risk Assessment Methodology for the Petroleum and Petrochemical Industries, First Edition, May 2013. Global Standards
Risk Matrix
Tool for ranking and displaying components of risk in an array.
Sample Usage: The security staff devised a risk matrix with the likelihoods of various threats to the subway system in the rows and corresponding consequences in the columns.
Annotation: A risk matrix is typically displayed in a graphical format to show the relationship between risk components.
Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance
Risk Matrix
Tool for ranking and displaying risks (1.1) by defining ranges for consequence (3.6.1.3) and likelihood (3.6.1.1).
Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards