Risk Assessment Matrix Template
Risk Assessment Matrix Template
Designed for CMA & CA students — apply audit risk concepts in exams and practice.
Risk Assessment Matrix (5×5)
| Impact ↓ / Likelihood → | Rare (1) | Unlikely (2) | Possible (3) | Likely (4) | Almost Certain (5) |
|---|
| Insignificant (1) | Low | Low | Low | Medium | Medium |
| Minor (2) | Low | Low | Medium | Medium | High |
| Moderate (3) | Low | Medium | Medium | High | High |
| Major (4) | Medium | Medium | High | High | Extreme |
| Catastrophic (5) | Medium | High | High | Extreme | Extreme |
Risk Rating Guide
- Low Acceptable — monitor periodically
- Medium Requires mitigation planning
- High Immediate action and audit focus
- Extreme Critical risk — escalate urgently
Risk Documentation Template
| Field | Description |
|---|
| Risk Title | Short, specific name (e.g., “Revenue recognition error”) |
| Risk Description | Summary of what could happen and its consequences |
| Risk Owner | Responsible person or department |
| Likelihood (1–5) | Probability of occurrence |
| Impact (1–5) | Severity of consequences |
| Risk Rating | Matrix result (Low/Medium/High/Extreme) |
| Audit Response | Planned audit procedures or controls |
| Mitigation Plan | Actions to reduce/control the risk |
| Review Date | Next scheduled assessment |
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