In this step, you will prioritize your selected risk responses from the last step based on several factors:
The economic impact to the organization should the assessed risk occur.
The likelihood (probability) of an event that would activate the risk.
The arrangement of assets ranked by priority based on the highest value of the following formula: (economic impact) X (probability) = risk
Risk Formula – Economic Impact times Probability equals Risk
Use the Prioritized Risks and Response Matrix template to submit your findings for feedback.