Risk Assessment Matrix 4 by 4 example with FREE Download

4 by 4 risk matrices use a scale of 1 to 4 to rate the likelihood of a risk occurring against the severity/impact of the risk. A high severity risk rated 4 may seem like something that must be managed, but if the likelihood of it occurring is low say 1, then it may not be cost effective to take action and the risk may be accepted. stakeholdermap.com
This risk matrix adds a number rating which combines the risk likelihood and risk severity on a scale of 1 to 4. A risk with the lowest likelihood and severity has a rating of 1. A risk with the highest has a rating of 16 (likelihood rating 4 multiplied by severity rating 4).

This matrix allows for a more nuanced assessment of risk than a 3 x 3 matrix, and identifies which risks need to be mitigated or avoided altogether. Risks with a rating between 1 and 3 are insignificant and don’t need any action. Risks with a rating of 8 or 9 need mitigation and those with 12 or 16 are show stoppers should be avoided.
example of a 4 by 4 risk matrix

Risk ratings

Risk Rating Description
Avoid Find a way to avoid the risk. For example, by taking a different approach, not doing something, using different equipment etc.
Mitigate Find a way to reduce the likelihood of the risk occurring or the severity of the impact if the risk does occur.
Allow OK to proceed but aim to mitigate the risk if possible.
Accept The risk is acceptable. The project can move forward, and mitigation of the risk is a low priority.

4x4 Risk Matrix download in PowerPoint and PDF

Download the matrix now:

4x4 Risk Matrix Download in PowerPoint .ppt

PDF of the 4x4 Risk Matrix

The Top 50 Business Risks and how to manage them!

20 Common Project Risks - example Risk Register

Checklist of 30 Construction Risks

Further reading on Risk Management