Benefits of plotting business risks on risk matrix
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Explanation:
risk matrix is a matrix that is used during risk assessment to define the level of risk by considering the category of probability or likelihood against the category of consequence severity. This is a simple mechanism to increase visibility of risks and assist management decision making
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The Benefits of plotting business risks on risk matrix is that is helps to provide transparency and a uniform method for managing the risk and that has a better probability of achieving the business goals.
Explanation:
- The important benefit of managing risk shows the ability of the enterprise to mitigate the risk factor. The risk matrix helps with determining the level of the risk factor.
- It helps with a faster and effective way of recording the risk by noting the information and auditing it in the process.
- The matrix for risk defines the severity of the risk and its consequences which helps with effectively managing the risk and the factor of decision making.
To know more about risk matrix
The primary output of identify risks is the risk identification matrix
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