Risk Matrix
A risk matrix is a visual tool used in risk management to assess and prioritize risks based on their likelihood and impact. It typically plots risks on a grid with axes for probability (e.g., low to high) and severity (e.g., minor to catastrophic), categorizing them into zones like low, medium, or high risk. This helps teams make informed decisions about which risks to address first, allocate resources effectively, and communicate risk levels clearly.
Developers should learn and use risk matrices when working on projects with potential technical, security, or operational risks, such as in software development, cybersecurity, or DevOps. It is particularly useful during planning phases (e.g., sprint planning, threat modeling) to identify vulnerabilities, prioritize bug fixes, or assess the impact of new features, ensuring proactive risk mitigation and compliance with standards like ISO 31000.