Free Tool
Risk Assessment Matrix
Plot risks on a 5x5 heatmap by probability and impact. Identify critical threats, prioritize mitigation, and export a professional PDF report.
Example: ERP Migration Risks
A mid-size company is migrating from a legacy ERP system to a modern cloud-based solution. The project team identified six key risks during the kickoff workshop. Here is how they mapped them:
Critical
- – Budget escalation (P:3, I:5 = 15)
- – Timeline overrun (P:4, I:4 = 16)
High
- – Vendor lock-in (P:3, I:4 = 12)
- – Employee resistance (P:4, I:3 = 12)
Medium
- – Data loss during migration (P:2, I:5 = 10)
- – Integration failures (P:3, I:3 = 9)
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Frequently Asked Questions
- A risk assessment matrix is a visual tool that plots risks on a grid based on their probability of occurring and their potential impact. Each cell is color-coded from green (low risk) to red (critical risk), making it easy to identify which risks need immediate attention.
- Rate each on a scale of 1 to 5. Probability: 1 = very unlikely, 5 = almost certain. Impact: 1 = negligible, 5 = catastrophic. The risk score is the product of both (1 to 25), which determines the color zone on the matrix.
- A 5x5 risk matrix uses five levels for both probability and impact, creating 25 cells. This is the most widely used format in professional project management because it provides enough detail for meaningful prioritization without being overly complex.
- Use it at the start of any project, before major decisions, during change management, or as part of regular risk reviews. It is especially valuable for ERP migrations, product launches, organizational changes, and compliance audits.
- No. All data stays in your browser (localStorage) and is never sent to any server. Your risk assessment is private by default. You can share it via a URL that encodes the data in the link itself.
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