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?

Available from:  https://www.researchgate.net/publication/266666768_The_Risk_of_Using_Risk_Matrices

Thomas, Philip & Bratvold, Reidar & Bickel, J. (2013). The Risk of Using Risk Matrices. SPE Economics & Management. 6. . 10.2118/166269-MS.