The matrix below is adapted from the Risk Management Standard. It can be used to record a priority rating for each risk identified in the risk audit. Each risk identified must be evaluated in terms of:
A risk exposure that has both a high likelihood and a high severity of consequence should be given the greatest consideration for elimination or control. A risk that is both low in likelihood and low in severity can easily be retained and self-funded.
If an evaluation of a risk gives rise to a rating of "Extreme", it must be dealt with straight away.
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