Are Risk Heatmaps Obsolete? Exploring What’s Next in Risk Management

Risk heatmaps, once a popular tool for visualizing and communicating enterprise risks, have become less effective as risk landscapes have grown more complex. While heatmaps offer a simple, color-coded method to assess risks based on likelihood and impact, they fail to capture the full scope of modern interconnected risks, their nuances, and qualitative impacts. However, rather than retiring heatmaps altogether, organizations can modernize them by combining them with other risk assessment tools. It is important to create a more dynamic and precise view of risk, to enable organizations to better prioritize mitigation strategies and manage complex risk landscapes.

Read this article to get a deeper dive into:

• What are risk heatmaps and how to decode them
• Limitations of the traditional risk heatmap
• How to make risk heatmaps more effective