What is a risk matrix?

A risk matrix serves as a visual tool used to assess and prioritize risks based on their likelihood of occurrence and potential impact on objectives. It typically displays risks along two axes: one for the likelihood of occurrence, often categorized as low, medium, or high, and another for the impact of these risks, which can also be rated similarly. This allows leaders to quickly identify which risks require immediate attention and which can be monitored over time.

For those involved in risk management, understanding the importance of a risk matrix is crucial, as it aids in decision-making processes and resource allocation. By visualizing risks in this manner, small unit leaders can develop more effective strategies for mitigating those risks that have the highest potential to adversely affect operations.

The other options focus on different aspects of risk management but do not serve the specific function that a risk matrix does. A report of past incidents details historical data but does not provide a current assessment of risks. A checklist for safety procedures ensures compliance and can contribute to safety management, but it does not visually assess risk. Similarly, a summary of all unit hazards offers an overview but lacks the structured analysis that a risk matrix provides.