Being able to assess and manage risks and anomalies effectively is crucial in all companies and organizations. However, this can be a challenge, especially when comparing different types of risks and variances. To facilitate this, we at AmpliFlow have developed a Severity Matrix, a tool that helps to objectively and consistently assess and prioritize risks, deviations and even other things within your management system.
A severity matrix is a tool designed as a table containing various combinations of risk factors. These factors include consequences, probability, detectability, and control, and each factor has its own weighting.
Using this matrix allows us to compare risks in an objective way, which allows prioritizing and making decisions on appropriate actions.
By using a severity matrix, we can compare “apples to apples” instead of comparing different types of risks in a subjective way.
This matrix also allows everyone within the organization to evaluate risk from the same perspective, creating a consensus around how things are valued. This helps to create a more efficient and consistent risk management and Deviation Management.
At AmpliFlow, we strive to make risk and deviation assessment as objective as possible.
Our severity matrix makes it easier to assess risks in an objective way, making it easier to prioritize and make decisions.
However, we understand that it can be difficult to know how to value different things. Therefore, it is important for us to constantly communicate and educate around the matrix, as well as to be clear about the definitions so that they are not interpreted in different ways by different people.
Are you interested in knowing more about how you can streamline your risk management with our Severity Matrix? Contact us today!
