Planning

Risk matrix template

Rate risks by likelihood and impact on a 5×5 grid

What’s inside

Nodes: 9
Packs: BoardsCore
Category: Planning

Works on the Free plan: 15 diagram nodes + 150 notes, text, stickers & mind map topics per diagram.

A risk matrix rates each risk by how likely it is and how much damage it would do. This template opens a five-by-five grid with likelihood on one axis and impact on the other, and eight sample risks placed in their cells, from a vendor price rise to a data breach.

Every cell shows its severity as a word and a score, likelihood times impact, so the board stays readable in grayscale or on paper. Move a risk note to a new cell when your assessment changes, and the cell under the cursor lights up as you drag. A three-by-three version is also in the Boards pack for quicker assessments.

When to use it

Assessing project, product, or operational risks before a launch.
Preparing the risk section of a plan, a proposal, or a steering meeting.
Deciding which risks need a mitigation owner and which can be accepted.
Teaching risk assessment with a simple, visual method.

How to use it

List your risks as notes, one risk per note, each written as an event that could happen.
Place each note in the cell that matches its likelihood and its impact.
Focus on the high-severity cells first and add a mitigation and an owner next to each of those risks.
Save a revision after each review, so you can see which risks moved and which were closed.

Questions

How is the severity score calculated?

Each cell multiplies its likelihood level by its impact level, so on the five-by-five grid the scores run from 1 to 25. The cell also shows a severity word, so colour is never the only signal.

Should I use a three-by-three or a five-by-five grid?

Three-by-three is faster for a first pass or a small project. Five-by-five gives finer distinctions when many risks compete for attention, which is why this template uses it.