Topic: This episode explains the 4 x 4 Risk Assessment Matrix, which uses four levels of likelihood and four levels of severity to calculate risk.
Purpose: This simplified version of the more common 5 x 5 matrix helps organizations quickly assess hazards without overcomplicating the process.
How It Works:
Likelihood ranges from rare to almost certain.
Severity ranges from minor to catastrophic.
Multiplying these values produces a risk score that guides prioritization.
Efficiency: The 4 x 4 matrix is easier to use in fast-paced environments where decisions must be made quickly.
Accessibility: Simplified scoring makes it more approachable for frontline employees and small organizations.
Consistency: Provides a standardized way to evaluate hazards across teams, reducing subjective judgment.
Less granularity: Compared to the 5 x 5 matrix, the 4 x 4 may oversimplify complex risks.
Potential blind spots: Critical hazards might be underestimated if severity or likelihood categories are too broad.
Context dependency: Works best for straightforward hazards but may need supplementation with deeper analysis for complex systems.
