Risk Matrix Template

What this template is for

A risk matrix plots every identified risk on a grid of probability versus impact, giving your team a shared, visual way to decide which risks need immediate action and which can be monitored. Without a risk matrix, teams either panic over every risk equally or ignore low-probability, high-impact threats until it is too late. This template structures the process: identify risks, score them, plot them, and assign a response. Use it at the start of any project, product launch, or major change, then revisit it whenever the situation shifts.

When to use this template

• Assess project delivery risks before a major product launch to allocate mitigation resources.
• Evaluate IT security risks across systems to prioritize patching and access control work.
• Map business continuity risks for operational processes that cannot afford downtime.
• Identify supply chain risks before a product manufacturing run.
• Score risks during an agile sprint to surface blockers before they become critical.
• Present a risk landscape to stakeholders so they understand exposure before approving a budget.

How to use it

1. 1Brainstorm all risks that could affect the project, process, or system — do not filter at this stage.
2. 2For each risk, score the probability of it occurring on a scale of 1–5 (rare to almost certain).
3. 3Score the impact if the risk does occur on a scale of 1–5 (negligible to critical).
4. 4Plot each risk on the matrix using probability as one axis and impact as the other.
5. 5Assign a response to each risk: avoid, mitigate, transfer, or accept.
6. 6Assign an owner for every high and critical risk and set a review date.

Quick example