Module 7: Risk Assessment and the Risk Matrix

The goal of risk assessment is to help you better prioritize and adequately plan for the variety of threats you may face in the field. In this module you will learn a basic process for analysing risk based on your threat and vulnerability assessments. In particular, you will learn:

1. The concept of the “Risk Equation” and its key components; risk, likelihood, and impact.
2. A standard set of definitions for describing impact and likelihood.
3. A method for using these elements to prioritize areas for risk reduction using the risk matrix.
4. Some practical guidance on developing and updating your risk matrix.
5. Some common forms of bias that can occur when analysing risk.