What is a risk assessment tool used to prioritize risks?

A risk matrix is a valuable tool used to prioritize risks by assessing them based on their likelihood of occurrence and potential impact on the organization. It provides a visual representation that allows stakeholders to easily identify high-risk areas that require immediate attention and resources. The risk matrix typically categorizes risks into levels such as low, medium, high, and critical, enabling decision-makers to allocate resources effectively and develop appropriate risk mitigation strategies.

In contrast, SWOT analysis is primarily used to examine strengths, weaknesses, opportunities, and threats within an organization. While it can provide insights into risks, it does not specifically prioritize them or offer a quantitative assessment.

Cost-benefit analysis focuses on evaluating the financial implications of implementing various strategies or solutions, and although it may consider risks, it does not serve as a direct prioritization tool for risks themselves.

Threat modeling is a process used to identify potential threats and vulnerabilities, which is crucial in understanding the security landscape, but it also does not prioritize risks like a risk matrix does. The structured approach and clarity offered by a risk matrix make it particularly effective for risk prioritization.