- Making Safety Simpler
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2.4 Risk Matrix for the Construction Industry
A risk matrix is a valuable tool for assessing and prioritizing risks based on the severity of their impact and the likelihood of their occurrence. Below is a risk matrix tailored for the construction industry:
| High Likelihood | Medium Likelihood | Low Likelihood | |
|---|---|---|---|
| High Severity | Critical Risk | High Risk | Medium Risk |
| Medium Severity | High Risk | Medium Risk | Low Risk |
| Low Severity | Medium Risk | Low Risk | Negligible Risk |
Likelihood
- High Likelihood: The event is almost certain to occur, possibly multiple times, during the project.
- Medium Likelihood: The event may occur at some point during the project.
- Low Likelihood: The event is unlikely to occur but is still possible.
Severity
- High Severity: Could result in a fatality, loss of facility or asset, or severe financial loss.
- Medium Severity: Could result in significant injuries requiring medical treatment, significant property damage, or moderate financial loss.
- Low Severity: Could result in minor injuries treatable with first aid, minor property damage, or minimal financial loss.
Risk Levels
- Critical Risk: Immediate action is required. Operations should be halted until the risk is mitigated.
- High Risk: Requires prompt attention and mitigation strategies to be put in place.
- Medium Risk: Requires attention but is less urgent. Plan for mitigation as soon as possible.
- Low Risk: Monitor the situation. No immediate action is required but be prepared to act if the situation changes.
- Negligible Risk: No action is required. Continue to monitor the situation.