Manage risk thoughtfully
Use of the Risk Management Matrix is intended to assist faculty, staff and students with applying risk management principles to proposed activities held on or off campus. Use of the matrix will assist with:
- Identifying major risks
- Assessing the probability and severity of that risk
- Mitigating the risk to the lowest possible level of probability and severity
- Determining cost versus the benefit of the risk
- Evaluating and analyzing the outcome of the proposed risks
Ultimately reaching a decision to either accept or reject the risk