What does the 5x5 Risk Matrix map against each other?

The 5x5 Risk Matrix is a tool commonly used in risk assessment to evaluate and prioritize risks based on two key dimensions: probability and impact. The matrix consists of a grid that allows for the visualization of risks, where one axis represents the likelihood of a risk occurring (probability), and the other axis represents the severity of the consequences or effects if that risk were to materialize (impact).

By plotting risks within this framework, organizations can better understand the significance of each risk and make informed decisions about risk management strategies. Risks that have high probability and high impact are typically prioritized for immediate attention, while those with low probability and low impact may be monitored but not necessarily acted upon right away. This systematic approach aids in allocating resources effectively and ensuring that efforts are focused on the most critical risks that could affect the organization's objectives.

In contrast, the other options presented do not represent the primary dimensions mapped by the 5x5 Risk Matrix. Strengths and weaknesses might pertain to a SWOT analysis, cost and benefit relate to economic evaluations, and emissions and compliance refer to environmental regulations but do not correspond to the risk assessment focus of probability and impact.