Risk Control Matrix Internal Audit Template

A Risk Matrix Template is such a tool that helps you to evaluate risk by its probability and severity. However, you can also determine how much risk your project can face and its impact on a project.

Basically, it’s a graphical illustration of risk that shows result in colors, numbers, levels, etc.

Most of the data required for risk assessment and testing procedures are required to be generated from a reliable source and it is required for the internal audit process as well as helps managers to be aware of any risks required strategies.

Functionality of Risk Matrix Template

This matrix template works on two basic factors that are following:

  1. Severity
  2. Probability

Severity: This refers to the impact and effects of risk on our project.

Probability: Refer to how much possibility exists a project can face risk and threats

Now determine the area of business that is critical and may require your assistance through making this template part of your company.

Risk Control Matrix Internal Audit Template

Now, anticipate which of the risks can be solved by existing control plans.

  • Different types of risks and problems are faced in companies, some of which are already spotlighted, while others are new.
  • Your company may require looking for unique strategies to solve some other potential problems, while problems that can be solved from the presented strategies are recorded as well.

It makes you more organized allows better management and cost-effectiveness.

  • Choosing any software may increase your costs, however, this is not the case with this template.
  • Your project now remains free of chaos, through taking this template.

Creating The Risk Matrix Template Excel

Before we proceed to preparation, first you have to collect all data and stats about risk factors, risk identification, etc. because if you don’t know what kind of risk you are going to face, you can not develop a risk mitigation plan and that will be in disaster for your project. Although, you can use a risk assessment template for this purpose.

There are 10 factors that help you to make a risk matrix:

Human Factor: Human factor includes accidents, death, fraud, lack of skills, etc.

Operational Factor: Delay in project operations that include supplies, equipment, logistics, etc.

Reputation: Reputation in the market is very important, this factor includes, customer loss of interest in a company, employee morale, loss of goodwill.

Procedural Error: This factor belongs to project operational procedure, work hierarchy, complex communication plan.

Project Plan: Sometimes a project plan also needs a corrective action plan or procurement plan to overcome the project plan faults. That may include, budgeting, tasks, resources, etc.

Financial Aspects: Sometimes there are financial failure threats that affect the project. This includes shares rates, loss of investment or loss of stakeholders, etc.

Technical Risk: This type of error includes a lack of technology, equipment, software, and technical skills.

Natural Risk: This includes climate, earthquakes, Tsunami, etc.

Political Issues: Another issue that has a deep impact on your project that is including, Govt laws, rules and development policies, tax rates, etc.

Structural Hazard: These types of hazards include, poisonous compounds, materials, structural designs, low-quality material, etc.

Risk Control Matrix Account Payable

This template is amazingly helpful for your accounts department and shows the details of the account payable. Now you are able to identify critical areas of your company and specific types of risks as well and therefore identify effective strategies.

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