What is Risk Matrix? and what is its role in controlling Workplace risk?

Risk Matrix is a commonly used risk assessment tool for evaluating and estimating Risk Level. Based upon which, necessary actions are taken such as, if the activity is rating above acceptable levels then the necessary improvement should be done or immediately stop the work activity until it can be made safe to work.

(A 5x5 risk matrix is shown above.)

So for example;
A person is working at height (Cleaning windows) is using ladder without any fall protection during windy weather. So based on scenario we estimate that likelihood of falling from the ladder would b '4' and since the consequence of fall could b very serious or fatal so we can assign the consequence as '5'. 
As we discussed perviously that, 

Risk=likelihood x consequence. 

                                               So,   Risk= 4 x 5 ="20" 

Now looking at the risk matrix (5x5 Matrix), it tells us that activity is very high risk and the condition need to be made safe to continue working else a serious accident might happen.

Note:

You can use 5 point scale (5x5 Matrix) to estimate likelihood and consequence with Five descriptions for likelihood and Five for consequence .
So the likelihood can be ranked as:
1) Very unlikely
2) Unlikely
3) Fairly likely
4) Likely
5) Very likely

and, Consequence would be ranked as:
1) Insignificant- no injury
2) Minor- injuries needing first aid
3) Moderate- absence upto three days
4) Major- more than three days absence
5) Catastrophic- death

Also, the type of Risk Matrix used, depends upon the nature of industry. Such as for office environment 3x3 matrix is used. If its industrial activity or a factory then 5x5 matrix. And if its a hazardous complex like oil refinery or nuclear plant then 7x7 or even 10x10 matrix is used.

Remember, higher the matrix category, more will be the accuracy.

Hope this article was helpful. share your thoughts or question below.