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What is Limitations of Risk Matrices about?

This document discusses limitations of using risk matrices in risk management. Some key limitations mentioned are: 1) Poor resolution - Risk matrices can only accurately compare a small fraction (<10%) of risk pairs as they oversimplify risks. 2) Errors - Risk matrices can mistakenly rate smaller risks as higher. They can be "worse than useless" for negatively correlated risks. 3) Suboptimal resource allocation - Effective countermeasure funding cannot be based on risk matrix categories alone. 4) Ambiguo

Author

Sung Woo Shin

Language

EN