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Establish a structured approach to assessing and managing risks in the workplace using a 5×5 risk matrix template.
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Published 25 Apr 2024
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5 min read
A 5×5 risk matrix template is a tool used to measure risk levels according to their likelihood and impact on an organization. It presents risk information using a color-coded tabular matrix with an expanded numerical scaling system. This in-depth visualization allows health and safety (H&S) officers and project managers to take a more granular approach in calculating risks and devising appropriate intervention strategies.
A 5×5 risk matrix template is a valuable risk assessment tool for projects, management systems, worksites, and similar undertakings. Here are three ways you can benefit from using this tool:
First, it provides a more efficient and structured approach to risk assessment. A template already includes all the elements needed in a risk matrix to help you save time from manually replicating it every time. This way, you can proceed with assessing risks without worrying about missing any important items.
This risk matrix template also presents a clear picture of risks across degrees of probability and consequences. The numerical values in the matrix take a quantitative approach to understanding the gravity of each risk factor with more depth. Meanwhile, its color coding system allows you to pinpoint high-risk areas that require immediate attention.
By simplifying this process, it becomes easier to follow legal requirements and standards for health and safety programs from (but not limited to) the following agencies:
Health and Safety Executive (HSE) – In the UK, risk assessments are a must to determine the potential risks for employees at work and take action accordingly.
Occupational Safety and Health Administration (OSHA) – While not a requirement for legal compliance, the US government’s OSHA recommends incorporating risk and hazard assessments in a workplace’s health and safety program.
Canadian Centre for Occupational Health and Safety (CCOHS) – It also considers risk assessment an integral part of a robust health and safety initiative.
What fields should a 5x5 risk matrix template include? A 5×5 risk matrix template typically consists of the following elements:
Probability – Also known as likelihood, it measures how possible it is for a risk to occur in a project or organization.
Impact – Also known as severity or consequence, it indicates the extent to which the risk will affect the project or organization.
Risk level – This value reflects the degree of threat that a potential risk presents to the project or organization according to its likelihood and impact.
Recommendation – This field lets you list down appropriate risk control measures to combat, mitigate, or manage the potential threat.
After learning about the components of a 5×5 risk matrix, it’s time to put this knowledge into practice. Here are five steps for using this template, along with an example.
Before mapping out the risk landscape, it’s important to provide a background on the system, project, or worksite to be evaluated. Thus, the first step is to outline essential information about the activity in review, including its potential risks to your employees and your organization.
This is also the stage to consider inherent risk and document the baseline exposure before any controls are applied, so that the matrix reflects the true, unmanaged state of each threat.
Once the project details are complete, it’s time to build your 5×5 risk matrix template. Start by determining how likely the risk will occur in your project, system, or worksite based on a 1-5 scoring system as follows:
Rare – has less than 10 percent chance of the risk occurring
Unlikely – can possibly happen but only with a less than 50 percent chance
Moderate – likely to occur with the odds left at a 50:50 split
Likely – more possible to happen, with the odds ranging from 60-80 percent
Almost certain – highly probable to happen, with over 80 percent chance of occurrence
Next, you’ll need to rate the extent to which a risk factor can affect the activity you’re assessing. As this is a 5×5 risk matrix template, it will follow a 1-5 scale as follows:
Insignificant – negligible consequences without causing serious harm
Minor – minimal consequences, leading to mild injuries or illnesses
Significant – manageable consequences, causing harm that may require short-term treatment
Major – critical consequences, leading to long-term damages
Severe – devastating consequences, resulting in fatalities and catastrophic damages
Once you have rated the Probability and Impact of a risk factor, determine the risk level by multiplying these two values. The result can range from the following:
Acceptable (1-4) – requires no further action
Adequate (5-9) – needs further observation and assessment
Tolerable (10-16) – requires regular monitoring and improvement interventions
Unacceptable (17-25) – halt operations and enact corrective action
This 5×5 risk matrix template takes things to the next level through proactive risk resolution. For this section, you can suggest risk control measures and appropriate interventions to prevent, mitigate, or manage existing risks. Once risks are identified, document your response in a risk treatment plan to ensure every control measure is tracked and actioned.
See the example below for a complete picture of how a 5×5 risk matrix template works in an inventory transportation setting.
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