Spreadsheet: 763350d1642116153-how-to-auto-populate-values-based-on-multiple-criteria-sample
Sheet: Risk Matrix

 | OPS RISK RATINGS
 | Risk Rating = Likelihood x Impact
 | Level | Score | Recommended Response
 | High | 20 - 25 | Risk management requires significant senior executive/board decision makers attention. Mitigating actions should be tracked and monitored frequently and reported to senior leadership.
 | Medium - High | 11 - 19 | Risk management requires ministry senior leadership attention. Mitigating actions should be tracked, monitored and reported to senior leadership.
 | Medium | 5 - 10 | Risk can be managed by risk owner(s). Controls should be reviewed to determine whether additional action should be taken.
 | Low | 1 - 4 | Risk can be managed using controls already in place. No mitigation efforts required.
 | What is a risk? | Risk is the effect of uncertainy on objectives. It can be charcterized as either a potential negative 9threat) or positive 9opportunit) consequence or event that deviates from an expected outcome
 | LIKELIHOOD
 | Assessment | Level | Description |  |  |  |  | Probability
 | Rere | 1 | Risk event is very unlikely to occur in most circustances. |  |  |  |  | <10%
 | Unlikely | 2 | Risk event is very unlikely to occur in normal circumstances. |  |  |  |  | 11% - 30%
 | Possible | 3 | Risk event may occure in certain circumstances. |  |  |  |  | 31% - 50%
 | Likely | 4 | Risk event is likely to occure in most circunstances. |  |  |  |  | 51% - 90%
 | Almost Certain | 5 | Rosl evemt will occur in normal circumstances. |  |  |  |  | >91%
*Likelihood should consider the appropriate timeframe for the objectives and related products.
 | IMPACT
 | Assessment | Level | Description
 | Insignificant | 1 | A risk event that, if it occurs, will have a little or no impact on achieving outcome objectives.
 | Minor | 2 | A risk event that, if it occurs, will have negligible/inconsequential impact on achieving desired results, to the extent that one or more stated outcome objectives will fall below goals but well above minimum acceptable levels.
 | Moderate | 3 | A risk event that, if it occurs, will have limited impact on achieving desired results, to the extent that one of more stated outcome objectives will fall well below goals but above minimum acceptable levels.
 | Major | 4 | A risk event that, if it occurs, will have an extensive impact on achieving desired results, to the extent that one or more stated outcome objectives will fall below acceptable levels.
 | Critical | 5 | A risk event that, if it occurs, will have an excessive impact on achieving desired results, to the extent that one or more stated outcome objectives will not be achieved.
 | How to define a risk?
 | Instructions | Start with "The risk of/that |  | Indicate the impact/ consequence of the risk |  |  | Describe the risk event |  |  | End with the root cause(s)
 | Sample 1 | The risk that |  | the ministry is unable to sistain critical services |  |  | due to a potential funding shortfall, |  |  | stemming from aggressive revenue projections.
 | Sample 2 | The risk that |  | the ministry being sued by organization XYZ |  |  | due to the ministry being potentially unable to deliver on several commitments included in the settlement agreement, |  |  | stemming from insufficient human and financial resources.
 | Sample 3 | The risk that |  | the ministry receives negative public and media attention |  |  | due the pods at Ontario Place possibly collapsing into Lake Ontario, |  |  | stemming from the erosion of the pods’ support pillars, which have never been repaired.
 | Likelihood | Rating
 | Almost Certain | 5
 | Likely | 4.1
 | Possible | 3
 | Unlikely | 2
 | Rare | 1
 | Impact | Rating
 | Severe | 5
 | Major | 4.1
 | Moderate | 3
 | Noticeable | 2
 | Negligible | 1