Risk Matrix: anticipate to better manage risks

Take stock of the risks related to your project

Are you starting a new project? In order to begin in the right way, you need to be aware of all the risks it could involve. By identifying them in advance, your team can more easily find ways to deal with them if they occur, or even avoid them by implementing the right actions, right now.  

And the solution for this is the Risk Matrix! This method allows you to map the risks reported by all project stakeholders, regardless of their expertise or location. Whether you are working together in a room or remotely, or even asynchronously, centralize your thoughts and easily prioritize the risks, according to their probability and severity.

Once the potential risks have been analyzed and ranked, you can work as a team to identify the actions to be taken to reduce them as much as possible. And since everything in project management is constantly evolving, you can just as easily rethink the matrix to reposition a risk according to your new context.

Why use this risk matrix before launching a project?

The Risk Matrix offers you the clear advantage of securing your project management. It covers all the risks identified by the most legitimate contributors, and serves as a reference for the whole team to quickly have an overview and make it evolve instantly if need be.

The strength of this method lies in its collaborative potential. Everyone can contribute, express themselves and exchange in complete transparency on the severity of a risk or an action to be taken. You can either meet synchronously using the Board’s videoconferencing tool, or add your ideas asynchronously when you have a few minutes. The online whiteboard always remains accessible to the participants, who can add, edit or check information at any time.

For your project management, the Risk Matrix represents a considerable time saving. It can even help you reduce your costs, by acting upstream on some of the identified risks. Finally, it is also an opportunity to reassure yourself and your team, and to approach your work without stress. Thus, you are more inventive, more efficient, and take more initiatives. Simply because you know precisely to what extent you can take risks... and the limits you must not cross!

How to build a good project risk analysis with the Klaxoon matrix?

Start by inviting all the people participating in your project on your Klaxoon whiteboard. To organize a synchronous session, then launch a Live videoconference directly on the Board.

Identify and prioritize risks as a team

Start with a 15-minute timer to collectively list the risks you need to consider. First, everyone simply needs to place their ideas in the matrix by area, following the following color code: 

• Green for acceptable risks
• Yellow for medium risks
• Red for unacceptable risks

Then, use the x- and y-axes on the matrix to reposition your ideas even more precisely, according to: 

• The probability of occurrence of the risk: from extremely unlikely to almost certain
• Its potential severity: from minor to catastrophic

If you have doubts about either of these two aspects, you can attach a Rating Question to your idea to ask the team for their feedback. The number of stars assigned by the whole group will then show you where to position your idea on one axis or the other.

Define an action plan to address the risks

Starting from the top right corner, duplicate each risk identified in the "Action Plan" table, according to its color.

With your team, list in the columns on the right the consequences of these risks, and define the actions or solutions that can help minimize them. 

Once this is done, go back to the idea describing the risk and add two dimensions to it:

• A "Who?" dimension to define the person(s) in charge of implementing the actions;
• A "Date" dimension to set a timeline for your actions.

This way, the team keeps an overview and can easily follow the resolution of each risk once the meeting is over. When one of the risks is resolved, the person in charge can simply show it in the "resolved" column of the action plan, by duplicating the green box symbol for this risk. And the rest of the team will be able to connect to the Board to check it out at any time!