It is often hard to judge the level of risk that can be accepted. This is because the risk is balanced against the benefit and whether there is a better alternative to accepting the risk.
Risk Assessment Matrix
Consequence :
For example catastrophic means death or debilitating permanent injury and minor means requiring first aid.
Likelihood
Means How often? or probability of the event; this must be estimated over a stated period.
Risk Scoring
The risk scores are not intended to be precise mathematical measures of risk, but they are useful when prioritizing control measures for the treatment of different risks, and for follow up and re-assessment.
The following information is not meant to be prescriptive but is intended for guidance.
Low risk (green)
Quick, easy measures implemented immediately and further action planned for when resources permit.
Moderate risk (yellow)
Actions implemented as soon as possible, but no later than a year.
High risk (orange)
Actions implemented as soon as possible and no later than six months.
Extreme risk (red)
Requires urgent immediate corrective action.
Dr. Khalid Abulmajd
Healthcare Quality Consultant