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Risk Assessment Matrix

The risk assessment matrix outlines different levels of risk - high, medium, and low - based on the likelihood and consequence of an event, where likelihood is determined on a scale of 1 to 5 and consequence is evaluated based on factors such as injuries, environmental damage, financial loss, and delays. Risk level is calculated by multiplying the likelihood and consequence scores, with higher scores indicating higher levels of risk that require more senior management attention and implementation of detailed action plans.

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357 views1 page

Risk Assessment Matrix

The risk assessment matrix outlines different levels of risk - high, medium, and low - based on the likelihood and consequence of an event, where likelihood is determined on a scale of 1 to 5 and consequence is evaluated based on factors such as injuries, environmental damage, financial loss, and delays. Risk level is calculated by multiplying the likelihood and consequence scores, with higher scores indicating higher levels of risk that require more senior management attention and implementation of detailed action plans.

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Copyright
© © All Rights Reserved
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Risk Assessment Matrix – Level of Risk

Consequence
>10: High risk Hospitalisation
Medical
Detailed action plan required, People First Aid case over 3 days Serious Injury Fatality
treatment
Needs senior management (LTI)
attention
5-9 : Medium risk Environment Under 1 m3 Over 1 m3 Over 100 m3 Over 500 m3 Over 2500 m3
Specify management
responsibility Minor delay Services do not
Trends show
without impact fully meet Critical system Work
<4: Low risk: service is
on overall needs. failure, Suspended,
Loss of Progress degraded.
- Manage by routine procedures schedule. 1 rig from 45 1 rig from 1 day 1 rig, above 3
1 rig from 3.5
1 rig less than minutes to 3.5 to 3 days days
hours to 1 day
45 minutes hours
Financial
<$10K <$50K or <$350K or <$1.5M or >$1.5M

Insignificant Minor Moderate Major Catastrophic

Historical: 1 2 3 4 5
Is expected to occur in
Almost
circumstances
Certain 5 5 10 15 20 25
(0 -14 days)
Will probably occur
(14 days – 6 months)
Likely 4 4 8 12 16 20
Likelihood

Might occur at some time in


the future Possible 3 3 6 9 12 15
(6 months – 1 Year)
Could occur but doubtful
(1 Year – 5 Years)
Unlikely 2 2 4 6 8 10
May occur but only in
exceptional circumstances Rare 1 1 2 3 4 5
(More than 5 Years)

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