Understanding the status of risk management within a business is essential. It helps identify the risk exposure and probability of a major incident together with the associated costs. The use of risk matrices to simply set out and communicate risk status to employees, Board members and senior executives is the normal way such risks are identified and categorised.
This new risk matrix applies these principles to the control of Coronavirus in the workplace. In this instance, a slightly different layout is used compared to more traditional format as it shows the likelihood of the consequences plotted against the status of compliance with the recommended control measures in place within the workplace. This will allow a business to plot changes in the risk of adverse consequences over time. The matrix should be updated following each routine review of compliance with appropriate controls. The risk status can easily be transposed into a Corporate Risk Register alongside other major threats to business success.