This article won First Prize at the 2025 Risky Women Writing Competition, presented in partnership with Ocorian. It was originally published here.
Join us as we bid a fond farewell to the Traditional Risk Matrix, that beloved relic of the 1970s. Once the darling of boardrooms, it now fades into obscurity, leaving behind a colorful legacy of simplicity in a world that demands nuance. Who knew a grid could be so tragic?
A Colourful Companion has moved on: An Obituary for the Traditional Risk Matrix (c. 1970–2025)
It is with both a sense of solemnity and a wry smile that we announce the passing of the venerable Traditional Risk Matrix, who recently departed this world quietly but decisively. Born in boardrooms of the 1970s, the Risk Matrix lived a long and industrious life, beloved for its simple two-dimensional grid that plotted “Likelihood” against “Impact.” Though once the toast of every risk workshop and governance committee, the Matrix’s time had come.
Early Life and Rise to Prominence:
The Risk Matrix sprang from a desire to make complexity approachable. In its youth, it thrived among auditors, safety engineers, and project managers who appreciated its straightforward visual cue: green for “safe,” amber for “caution,” red for “danger.” Like a trusty compass, it guided decision makers through uncertain terrain, helping them speak the lingua franca of “heat maps” at the executive table.
Peak Influence:
By the turn of the millennium, the Risk Matrix had become ubiquitous. From healthcare to finance, from nonprofit boards to government regulators, it served as the definitive early warning system. Risk professionals during that time championed the Matrix’s accessibility as it appeared to empower diverse teams to engage in risk dialogue, had some success with breaking down technical jargon barriers, and attempted to uplift under represented voices in the boardroom.
Signs of Decline:
Despite its initial triumphs, the Risk Matrix began showing signs of strain. Critics noted that its neat categorisation masked deeper complexities: interdependencies between risks, hidden vulnerabilities, and the subjective biases in assigning “high,” “medium,” or “low” labels. As more diverse voices entered the risk profession, bringing fresh perspectives on behavioural insights, systems thinking, and data science, the Matrix’s limitations became ever more apparent. It could no longer keep pace with dynamic, interconnected challenges, including climate change, technological developments, and ever-increasing geopolitical instability.
Final Days:
In recent years, the Risk Matrix grew increasingly obsolete. At risk conferences, panels that once focused on “Matrix Mastery” shifted to “Beyond Heat Maps.” Recently, retrospective tributes have poured in for the Matrix’s final farewell, where attendees raised glasses to honour a stalwart tool that had provided the first step in the continuous development of the risk professions and acknowledged that its time in the limelight was over.
Survived By:
The Risk Matrix leaves behind a legacy of being the first attempt to provide clarity, democratisation of risk language, and countless careers launched on its colourful grid. It is survived by more dynamic and powerful quantitative and qualitative tools which place organisational objectives at the heart of risk assessment, asking:
- What do we truly aim to achieve?
- Which uncertainties threaten or enhance those objectives?
- How can we allocate resources to prepare, monitor, and adapt?
By focusing on objectives rather than arbitrary scales of impact and likelihood, these new methodologies embrace uncertainty instead of emphasising control. The offspring of the Matrix empower multidisciplinary teams to weigh trade-offs, quantify resource needs, and remain agile amid deep uncertainty.
Eulogies and Reflections:
“Without the Risk Matrix, early risk practitioners like myself might never have found a seat at the table,” reflected an internal auditor who became a risk manager later in her career. “But as our field matured, we needed tools that could capture nuance, behavioural biases, and systemic ripple effects. The Matrix just couldn’t keep up in its later years.”
A behavioural scientist turned Chief Risk Officer, added: “The Matrix taught us to talk about risk. Now, it’s time to think about risk in the service of purpose. We honour the Matrix by evolving its principles into more robust, inclusive frameworks.”
Legacy and Lessons:
The Risk Matrix’s enduring contribution lies not in its gridlines, but in its spirit: the conviction that risk should be visible, discussed, and managed proactively. As third-sector professionals add their voices to reshape the risk profession, infusing it with empathy, systems awareness, and a shared commitment to resilience, the Matrix’s core ethos lives on.
Funeral Arrangements:
The Risk Matrix will be interred in the archives of risk management history; its ashes scattered across digital dashboards and faded workshop flip charts. Memorials are encouraged in the form of thoughtful adoption of objective-centric approaches that define clear opportunities as well as threats, engage diverse voices, and design adaptive strategies fit for our complex operating environments.
In Memoriam:
We bid farewell to a tool that served its generation well and celebrate the new paradigm it inspired. May the Traditional Risk Matrix rest in peace, its memory guiding us as we pioneer more nuanced, purpose-driven risk practices. And may its successors honour its predecessor’s spirit by fostering resilience, inclusivity, and strategic alignment grounded in organisational goals, missions, and objectives.
From the Judges
“Such a clever and innovative approach which uses humour to land the author’s point”
“This obituary-style review brilliantly reimagines the traditional risk matrix with a witty, clear narrative that engages readers and demystifies complex risk concepts. The creative framing and approachable tone make the piece highly accessible.”
“Very clever and engaging; novel topic.”
“The argument is thought provoking and for leaders adds the humour into not another heat map and risk assessment.”
“Such a good read.”
Sabrina M. Segal is the Director of The Risk Collaborative, a nonprofit initiative focused on rethinking, redesigning, and rebalancing the power in the third sector through the lens of risk. You can learn more about The Risk Collaborative here – www.theriskcollaborative.org.
