Using Heat Maps for risk management is an extremely common practice. The Heat Map is based on severity scores from a defined scale for likelihood and impact. People use this approach to rank risks, plot them on a heat map, give some aggregate view of the portfolio of risks, and perhaps track the reduction in risk exposure as a result of any risk treatments that have been applied. While Risk heat maps are a tool to start the conversation around potential obstacles to business objectives, there are steps you can take to move towards a more meaningful analysis and more precise quantitative measure of risk.
Register here to download the Archer Risk Heat Map Analysis tool to quickly assess your own heat maps.
Be sure to read the accompanying eBook “Are you getting the most out of Risk Heat Maps?” for more information.