Which risk assessment methodology prioritizes both the probability and impact of a potential policy failure?

The risk assessment methodology that prioritizes both the probability and impact of a potential policy failure is the Risk Matrix, also known as a Probability and Impact Matrix. A risk matrix is a visual tool used to assess and prioritize risks by considering the likelihood (probability) of an event occurring and the severity (impact) of the consequences if it does. 'Probability' refers to how likely a risk is to happen. This is often categorized into levels like 'very low,' 'low,' 'medium,' 'high,' and 'very high,' or numerically using scales like 1-5, where 1 represents a very low chance and 5 a very high chance. For example, the probability of a minor typo in a policy document might be rated as 'high,' while the probability of a complete policy collapse due to unforeseen circumstances might be 'very low.' 'Impact' refers ....