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Risk assessment matrix: What it is and why you must use this approach to assess risks

by , 06 March 2014
Have you heard of something called the 'risk assessment matrix'? If not, it's time to get excited. When it comes to assessing risk, a risk assessment matrix can make the job faster and more effective. Continue reading to find out what it is and why you need to use this approach to assess risks in your workplace.

What you need to know about a risk assessment matrix

According to Toolboxes Flexible Learning, a risk assessment is the process of estimating and communicating workplace safety risk and deciding whether this risk is acceptable.

A risk matrix records the level of risk, which is determined by the relationship between the likelihood of an incident occurring from the hazard and the consequence caused by the hazard, explains Toolboxes Flexible Learning.

This is recorded as either a numerical or alphabetical code. The relationship between likelihood and consequence determines how dangerous the hazard is.

The site continues to say that the level of risk or code that is determined is referred to as a risk priority rating. This priority rating allows you as an employer to prioritise the hazards identified.

This will help you ensure that the hazards with a high potential of creating an incident are eliminated or controlled first. After this, you can move to dealing with risks that pose a lower risk.

Read on for the benefits of using a risk assessment matrix...

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The benefits of using a risk assessment matrix

The good thing about a risk matrix is you can modify it to suit a particular work environment or work task.

If you want to find out what a risk matrix looks like, click here.

Remember that the point of risk management is to identify risk and then take steps to correct what's going wrong. This principle applies even when you're using a risk assessment matrix to assess risks.

And don't forget, by identifying the risks, you'll be able to take preventative and precautionary measures to minimise or prevent any health and safety hazards that could harm to your employees, says FSP Business. And that's where a risk assessment matrix can help.

It's a legal requirement. You must identify hazards and assess risks in your company.
Do you know how to compile a risk assessment?

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