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This is a copy of our Tar Heel Mission Ready newsletter, a monthly publication that provides information and updates related to mission continuity, preparedness and planning. All members of the University are invited to subscribe.
In the previous edition of our Mission Continuity newsletter, we focused on the essential aspects of risk assessment. This included identifying potential risks, assessing their likelihood and impacts, prioritizing these risks, developing mitigation strategies, and continuously testing and updating plans. As plan managers at our university, you have access to various tools that can transform this information into actionable development strategies. One such tool is the Risk Matrix, which plays a crucial role in our planning process.
Risk Management Matrix

Understanding the Risk Matrix

A Risk Matrix helps visualize and systematically evaluate risks by plotting them based on their likelihood, impact, and consequence. This structured approach allows plan managers to easily identify which risks have the most significant consequences and require immediate attention. By using a Risk Matrix, you can prioritize efforts and resources to mitigate those risks that could severely affect individual department/units all the way up to university operations.

Incorporating a Risk Matrix into your planning process not only clarifies which risks need immediate mitigation but also enhances the development and execution of your Mission Continuity plans. By identifying and addressing the most critical risks proactively, you can streamline response efforts, minimize disruptions, and improve overall outcomes. This strategic approach fosters a more resilient and prepared university, capable of maintaining operations and safeguarding its community in the face of various challenges.

Developing a Risk Matrix

Here’s a step-by-step guide to adding a Risk Matrix to your Risk Assessment during plan development:

Identify Risks
List all potential risks that could affect your department. These might include natural disasters, cyber-attacks, supply chain disruptions, and more.
Assess Likelihood
Estimate the probability of each risk occurring (e.g., Remote, Unlikely, Possible, Probable, and Highly Likely).
Evaluate Consequences
Determine the potential impact category of each risk on university operations (e.g., Safety, Property, Operational, Compliance, Reputation, and Financial Impact).
Determine Consequence Rating
Determine the potential impact of each risk on university operations (e.g., Negligible, Minor, Moderate, Major, and Extensive).
Plot on Matrix
Place each risk on the matrix according to its impact category and impact consequence.
Prioritize Risks
Focus on high-likelihood, high-impact risks for immediate action and mitigation.

Resources for Plan Administrators

The Continuity Risk Toolkit provides general information on risk and techniques that may be used to perform risk analysis. It serves as a continuity resource for stakeholders by providing reference material, information, and guidance intended to develop and refine risk identification.
Continuity Risk Toolkit
Need Help? Whether you need assistance with plan development, risk assessment, or creating your own Risk Matrix, don’t hesitate to contact Crystal Donaldson. She can help you schedule a review of your Mission Continuity Plan to ensure your strategies are effective and up-to-date.
Crystal Donaldson
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