How do I create a risk matrix?
An example of an AI chatbot conversation about creating a risk matrix for risk assessment.
How do I create a risk matrix?
To create a risk matrix, start by identifying potential risks and their impact and likelihood.
What factors should I consider for impact and likelihood?
Consider factors like financial loss, reputation damage, and operational disruption for impact; for likelihood, assess historical data and expert judgment.
Can you give me an example of a risk matrix?
Sure! A simple risk matrix has a grid with likelihood on one axis and impact on the other, categorizing risks as low, medium, or high.
How do I prioritize risks after creating the matrix?
Prioritize risks by focusing on those with high impact and high likelihood first, then address medium and low risks accordingly.
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