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Risk Assessment Matrix Guide

This document provides guidance on conducting a failure mode and effects analysis (FMEA) to assess risks. It includes an impact matrix that assigns a risk rating based on the likelihood and severity of a risk. Risk is calculated by multiplying likelihood by severity. The matrix shows risk levels of low, medium, and high. Low risks from 1-4 are acceptable, medium risks from 5-12 should have controls to reduce to acceptable levels, and high risks from 13-25 require urgent action and restricting the activity until risks are reduced.

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2K views1 page

Risk Assessment Matrix Guide

This document provides guidance on conducting a failure mode and effects analysis (FMEA) to assess risks. It includes an impact matrix that assigns a risk rating based on the likelihood and severity of a risk. Risk is calculated by multiplying likelihood by severity. The matrix shows risk levels of low, medium, and high. Low risks from 1-4 are acceptable, medium risks from 5-12 should have controls to reduce to acceptable levels, and high risks from 13-25 require urgent action and restricting the activity until risks are reduced.

Uploaded by

suresh kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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RISK GUIDANCE NOTES (FAILUE MODE EFFECT ANALYSIS)

ASSESSMENT GUIDANCE

Risk = Likelihood x Severity or Consequence

Use the impact matrix below to calculate the risk rating for the activity

Severity or Consequence 02 years 01 year 06 Months 03 Months 01 Month

Likelihood 1 2 3 4 5

Very likely 5 5 10 15 20 25

Fairly likely 4 4 8 12 16 20

Likely 3 3 6 9 12 15

Unlikely 2 2 4 6 8 10

Very unlikely 1 1 2 3 4 5

Risk and Planned Corrective Action to be rated from the following:


Risk Level Category Tolerability Comments

1-4 LOW ACCEPTABLE No additional controls are required unless they can be implemented (in terms of time and effort).

Consideration should be given as to whether the risks can be lowered, where applicable, the
5 - 12 MEDIUM TOLERABLE control measure turns the risk to preferably acceptable level,. The risk reduction measures should
be implemented within a defined time period if applicable.
Significant efforts should be made to reduce the risk. Risk reduction measures should be
implemented urgently within a defined time period and it might be necessary to consider
13 - 25 HIGH UNACCEPTABLE suspending or restricting the activity, or to apply interim risk control measures, until this has been
completed. Considerable resources might have to be allocated to additional control measures. The
effectivness of the control measures are to be verified periodically

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