Sample 5 x 5 Risk Assessment Matrix
The matrix works by selecting the appropriate consequences from across the bottom, and then cross referencing against the row containing the likelihood, to read off the estimated risk rating.
Probability x Severity version supplied by John Cronjaeger, Airworthiness Technical Assistant, London Executive Aviation Ltd
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Risk Rating is calculated by multiplying the likelihood against the consequences, e.g. taking a likelihood of 4, which is classified as Probable, and multiplying this against a consequence of 2, which is classified as a Minor Injury 1st aid required, would give you and overall risk rating of 8, which would be risk rated as a low risk.
Low risk equals 1 to 8.
Low Risks are largely acceptable, subject to reviews periodically, or after significant change etc...
Medium risk equals 9 to 15.
Medium Risks should only be tolerated for the short-term and then only whilst further control measures to mitigate the risk are being planned and introduced, within a defined time period. Note: Medium risks can be an organisations greatest risk, it's Achilles heel, this due to the fact that they can be tolerated in the short-term.
High risk equals 16 to 25.
High Risks activities should cease immediately until further control measures to mitigate the risk are introduced.
Faults in the 5x5 matrix.
The 5 x 5 matrix below shows more readily that risks may not always be broadly classified in to three categories. If we take the two extremes of the medium risk range in the matrix above, we can see that both 9 and 15 sit in the yellow range. However, in the matrix below 9 sits just above and moving out of the green, whereas 15 sits just below and moving into the red range. It can become all to easy for potential risks to be classified in the medium range and management to undertake a tick the box exercise...
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