Risk Assessment Matrix Essay Example

The above-developed risk assessment matrix is developed to evaluate the reputation of a company in public and the company’s image level in public after the completion of a specific project. This risk matrix determines the effect of a project on the company’s image in public. This assessment of risk can help in the determination of the results of the project which could lead to demolition of company’s image.
The five strategies which are used to address a risk include the transfer of threat towards another person or team, alleviating the chances of the threat, avoiding the threat by giving no importance or concern to it, or accepting the threat and its consequences, and sharing the threat consequences in order to minimize the negative effects. The implementation of risk response by an organization can include the measures which are chosen by the organization to respond to the particular risks. Depending upon the situation, a different strategy for risk response can be adapted. Hence, the project plans are constructed keeping in consideration the risk assessment and its responses. If the risk is tolerable in the project then it can be accepted. If the risk can be shared or transfer then, the project can be continued but if it requires to be mitigated then resources for this task have to be managed. Moreover, if the risk can be avoided, then the project must include the alternative steps it will be required to adapt. Consequently, the requirement for the decision gates is significant. The decision gates can determine the path to be obtained in case of risk in order to reduce the chances of any loss to the company.