Risk Matrix
What is Risk Matrix?
A tool used in risk assessment that maps identified risks on a grid based on their likelihood and impact to determine priority levels.
Terms that appear alongside risk matrix
Each of these is named in at least one of the same controls as risk matrix. The number is how many controls name both.
- risk analysis 2 shared controls
- risk committee 2 shared controls
- control effectiveness 2 shared controls
- audit committee 2 shared controls
- iso 31000 2 shared controls
- heat map 2 shared controls
- emerging risk 2 shared controls
- risk register 2 shared controls
Frameworks that govern risk matrix
What the standards actually require on risk matrix
Requirements naming risk matrix across 6 standards, quoted from the control text.
The residual risk of each zone and conduit is determined from the updated likelihood and impact on the corporate risk matrix: the risk that remains once existing countermeasures are in place.
iec-62443::ZCR 5.10 · ZCR 5.10 Determine residual risk →Reuse the SMS risk matrix's five-step likelihood scale (from unheard of in the industry to frequent in the work concerned) so cyber risk is described in the company's familiar terms and aligned with enterprise risk management, supporting leadership backing.
bimco-cyber-security::4.2 · Quantifying the likelihood →The institution assesses its inherent risk, the threat exposure arising from the types, volumes, values and complexity of its business in cyberspace, by rating each assessment criterion of the inherent risk matrix low, medium or high with supplementary sizing,...
hkma-cyber-resilience-assessment-framework-c-raf::IRA.1 · Inherent risk profile across the five categories →A threat scenario's risk value shall be a number from 1 to 5, both ends included, where 1 stands for the lowest risk; it is worked out with a risk matrix or with a formula.
iso-sae-21434::RQ-15-16 · [RQ-15-16] Risk value scale →Combine likelihood and impact determinations to assign a risk level to each threat and vulnerability pairing using a defined risk matrix.
RA-RISK · Risk Analysis: Determine the Level of Risk →Risk assessment I: the organisation conducts an OFAC risk assessment at a manner and frequency matching its risks from clients, products, services, supply chain, intermediaries, counterparties, transactions and locations, updated for root causes of apparent vi...
us-ofac-sanctions-compliance-framework::RA.I · Assess OFAC risk across customers, supply chain, counterparties, products, transactions and geographies, including at onboarding and M&A →Questions people ask about risk matrix
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