What is Impact Likelihood Matrix?

Impact Likelihood Matrix Definition

An impact-likelihood matrix visually prioritizes risks by categorizing how likely they are to occur and how severe the consequences would be. In TPRM, organizations use these matrices to evaluate vendor risk scenarios and determine mitigation urgency.

FAQs

Why use this matrix?

It simplifies prioritization decisions.

Is it used for vendor tiering?

Yes, it informs which vendors require enhanced oversight.

Does the matrix support quantitative scoring?

It can be used with qualitative or quantitative scales.