Must read for all risk managers.
You may ignore the findings, but a must read nevertheless: The risk matrix (RM) is a widely espoused approach to assess and analyze risks. RMs have been implemented throughout that industry and are extensively used in risk-management contexts. This is evidenced by numerous SPE papers documenting RMs as the primary risk management tool. Yet, despite this extensive use, the key question remains to be addressed: Does the use of RMs guide us to make optimal (or even better) risk-management decisions?
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Thomas, Philip & Bratvold, Reidar & Bickel, J. (2013). The Risk of Using Risk Matrices. SPE Economics & Management. 6. . 10.2118/166269-MS.