What is a risk map?

A risk map serves as a visual representation that illustrates different categories of risks and evaluates their potential impacts. By plotting various risks on a matrix, it allows organizations and risk managers to assess the severity and likelihood of each risk, facilitating a more informed decision-making process related to risk management. This visual format helps stakeholders quickly identify which risks are more critical and require immediate attention, as well as aid in prioritizing risk mitigation strategies.

The utility of a risk map lies in its ability to make complex risk assessments more accessible and understandable. By categorizing risks, it helps organizations to focus their resources and efforts on managing the most significant risks effectively, while also ensuring a holistic overview of the risk landscape.