A 5x5 risk matrix template scores each risk for likelihood and impact on a 1 to 5 scale, then multiplies the two into a score from 1 to 25. High scores go red and get an owner and a mitigation first. In Taskade each risk is a row with its score, and AI drafts the mitigation from the risk description.
What Is a Risk Matrix Template?
A risk matrix template is a grid that rates each risk on two scales, likelihood and impact, usually from 1 to 5. The product of the two is the risk score. High scores go red and get a plan first. It turns a long risk list into a clear order of work.
How to Score a Risk on a 5x5 Matrix
| Score | Likelihood | Impact |
|---|---|---|
| 1 | Rare | Insignificant |
| 2 | Unlikely | Minor |
| 3 | Possible | Moderate |
| 4 | Likely | Major |
| 5 | Almost certain | Severe |
Risk score = likelihood x impact. One common set of bands is 1 to 4 Low, 5 to 9 Medium, 10 to 16 High, and 20 to 25 Critical. Use the bands your organization already uses, and write them on the sheet so every scorer applies the same rule. A 4 for likelihood and a 3 for impact gives 12, which is High on these bands.
What's Inside
- Risk rows: A one-line description for each risk
- Likelihood and impact: A 1 to 5 score for each
- Risk score: Likelihood times impact, from 1 to 25
- Color band: Low, Medium, High, and Critical
- Owner and mitigation: Who acts, and what they do
- AI mitigation draft: Ask the AI to propose a mitigation for each High risk
How to Use It
Step 1: Copy the portal
Click Use Template to copy the project portal into your workspace.
Step 2: List the risks
Write each risk as one line, one per row, in the form "event, cause, effect".
Step 3: Score each risk
Score likelihood and impact from 1 to 5 with the scale above. The score fills in from the two values.
Step 4: Assign owners
Sort by score and assign an owner to each High or Critical risk.
Step 5: Draft and review mitigations
Ask the AI to draft mitigations, then review them with the owners and re-score after each action.
Template vs App
This leaf opens the Project Portal, so risks sit next to the project plan and status. For a full register with history, use the project risk register. To build the matrix from an existing document, try DOCX to risk matrix. To track risks with assumptions and issues, use the RAID log.
Frequently Asked Questions
Do I use a 3x3 or a 5x5 risk matrix?
A 3x3 grid is quick for small projects. A 5x5 grid separates risks better on larger projects. This template uses 5x5.
How is the risk score calculated?
Multiply the likelihood score by the impact score. A 4 for likelihood and a 5 for impact gives 20.
What do the colors on a risk matrix mean?
Green is Low, yellow is Medium, orange is High, and red is Critical. The colors follow the score bands you set for the sheet.
What is the difference between a risk matrix and a risk register?
The matrix scores and ranks risks. The register is the full list with owners, actions, and history. Many teams keep both in one table.
What are the limits of a risk matrix?
The scores are judgments, not measurements. A frequent small risk and a rare severe risk can get the same score, so read the two values, not only the product, before you decide what to fix first.
How often do I re-score risks?
Re-score at each milestone, and right away when something changes on the project.