Improving the Standard Risk Matrix: Part 1

1 Improving the Standard Risk matrix : part 11 Prof. Nancy Leveson Department of Aeronautics and Astronautics MIT Abstract: part 1 of this White Paper describes the Standard risk matrix and its limitations. It then suggests some changes to the risk matrix and its use in order to improve the accuracy of the results. part 2 suggests larger changes in terms of the basic definition and evaluation of risk that may even more greatly enhance our ability to assess risk but also challenge our willingness to change. What is the Risk matrix and How is it Used? A risk matrix is commonly used for risk assessment to define the level of risk for a system or specific events and to determine whether or not the risk is sufficiently controlled. The matrix almost always has two categories for assessment: severity and likelihood (or probability).

[Abrecht et.al. 2016, Abrecht 2016] and in other experiences we have in the use of risk matrices in industry. The goal is not to criticize the particular engineers involved—they were simply following today’s standard practices. Instead, the goal is to point out the practical limitations of risk matrices as they are defined and used today.

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