
What’s Wrong with Risk Matrices? - asplake
https://onlinelibrary.wiley.com/doi/full/10.1111/j.1539-6924.2008.01030.x
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airbreather
Yeah, seen plenty of poorly calibrated risk matrices, but they are generally
better than nothing.

Also, for an organisation with multiple facilities, or using consultants or
external resources it is the most effective practical way to convey the
owners/boards risk appetite and willingness to spend money to avoid unwanted
consequences.

The text is long winded to the point of being obtuse and basic theme says that
you need to understand the underlying mechanisms to effectively design one or
apply use. No secrets there.

I have just been thru an exercise where the clients consultant decided to
instead generate some fault trees, in excel. 15000 formulas in each
spreadsheet, 5000 indirects. Numerous errors, many of them of a fairly outcome
sensitive nature. Now what do you think is the worse the, matrix or error
riddled complexity with methodology unaccessible to most people?

No easy answers and the point the article doesn't seem to make is you need to
keep going back to your risk assessment and matrix calibration with acquired
learnings, it should be an iterative process of refinement.

