Likelihood and Consequence Matrix

A Likelihood and Consequence Matrix is a tool used to assess risks by evaluating how likely an event is to happen and how severe its impact would be if it did. It’s a grid that helps prioritize potential issues: high likelihood combined with high consequence indicates a critical risk, while low likelihood and low consequence suggest a minor concern. This matrix aids organizations in identifying and managing risks effectively by visualizing which issues require immediate attention and resources, supporting smarter decision-making and proactive safety measures.