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Project Management Glossary
Risk Matrix
A Risk Matrix is a tool used to evaluate the likelihood and impact of potential risks, typically represented in a grid format.
Cara Bulteel
What is a Risk Matrix
A Risk Matrix is a tool used to evaluate the likelihood and impact of potential risks, typically represented in a grid format. It helps prioritise risks by assigning each one a severity level based on its likelihood and potential consequences.
How To Apply the Risk Matrix
- Use a Risk Matrix to categorise risks and assign priority levels based on their potential impact and probability.
- Focus on high-priority risks first and develop mitigation strategies for them.
- Tip: The Risk Matrix can be updated throughout the project as new risks are identified or existing risks change in likelihood or impact.
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About the author
Cara Bulteel
Cara Bulteel leads Customer Success for agencies at Magnetic, helping creative and professional services teams get the most out of the platform from day one. With a sharp eye for operational nuance and a deep understanding of agency workflows, she works closely with clients to ensure seamless onboarding, long-term adoption, and measurable outcomes.
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