There are many pre-set Risks & Issues matrices that you can choose from:
You can choose the Matrix that best fits your organization and the current Risk Management methodology used. Other than the Risk Matrix options there are two fields that are customizable by the Administrator, Types and Categories. You can add/remove dropdown values for both fields based on any organisational or project specific terminology.
The ‘5x5 Risk Matrix with Control (4-Colour)’ is a Risk Matrix that operates on 3-dimensions, with each of the 5 matrices representing a dimension where the column ‘Control’ is set between 1 and 5.
This matrix option uses 3 columns to calculate Rating: Severity + Likelihood + Control. Each of these takes a value from 1 to 5 and the Rating is the sum, rather than product, of these columns.
These 3 columns have both Inherent and Residual variants. The Control column is entirely optional unless using the 5x5x5 Risk Matrix option. Existing columns can continue to be used as before.
Note – in addition to (Inherent/Residual) Control, there is another quite separate optional column called Controllability. It is a dropdown whose contents are user-defined and was specifically requested by some clients. This user-defined control column is meant to show the degree to which a risk can be controlled. It is documentary only and does not contribute to any calculations – Rating or otherwise.
This matrix option is 3 dimensional i.e. Rating depends on 3 different dropdown values. So, the normal 2-D grid which maps back colour to Rating must for the 5x5x5 option, have 5 instances – one for each Control value (1 to 5) as shown below.
In the Dashboard, where a Risk Matrix graph with a similar layout appears, numbers in cells represent counts of risks in each category. Since we can only show the one table, we show the table for Control=3. In later releases, we will allow users to choose which Control level they wish to see.
While a Type or Category value is selected in the box, clicking the ‘Show/Hide’ button will toggle whether that Type/Category is possible to select on the Risk and Issues page of a plan. A hidden value is indicated by the text appearing grey in the dropdown box. Note, and clicking the Show/Hide button, you will have to click Save for your changes to take effect. You also have the option to set the Controllability between 0 (Very Low) – 3 (High) depending on the selected Risk Matrix.