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The Risk Matrix
A Risk Matrix is a visual representation of the identified risks within an organisation or operation. At their most basic level they provide a representation of risks using a description of impact and a description of probability.
They are typically used to infer the priority of risks and signal the existence of critical risks. More mature risk matrices may provide a description of impact against a number of different dimensions, and provide both qualitative (by description) and quantitative (by numbers) descriptions.