Domain 2 Risk Analysis, Evaluation and Assessment - Risk Ranking

These flashcards cover key concepts related to risk registers, including definitions of terms and explanations of tools used in risk assessment.

Risk Register

A document or spreadsheet used to document and track all identified risks in a project or organization.

Impact

The possible consequences or effect of a specific risk if it occurs.

Likelihood

The probability or chance of a specific risk occurring.

Mitigation Actions

Actions planned or taken to reduce the impact or likelihood of identified risks.

Accountability

The obligation of an individual or party to be responsible for managing a risk or task.

Three by Three Matrix

A risk assessment tool that uses a 3x3 grid to evaluate the impact and likelihood of risks.

Four by Four Matrix

A more detailed risk assessment tool that uses a 4x4 grid for assessing risk impact and likelihood, providing more granularity.

Five by Five Matrix

A complex risk assessment tool that uses a 5x5 grid; may offer excessive detail for some evaluations.

Risk Description

A clear statement outlining the nature and details of a specific risk.

Risk Source

The origin or environment from which a identified risk arises.