Risk matrices (RMs) have been recommended by
many organizations to evaluate and mitigate risks. This study
aims at improving the design and the deployment of RMs,
avoiding theoretical problems of traditional RMs and
inconsistent risk ratings, following Multicriteria and Portfolio
Decision Analysis. In particular, the MACBETH approach is
used to build quantitative evaluation models from qualitative
value judgments. A new RMs’ modeling framework is proposed,
which includes: (1) the construction of a multicriteria additive
value model applying MACBETH to assess risk impacts; (2) the
innovative use of MACBETH to derive subjective probabilities;
(3) the transformation of a RM into a Value Risk Matrix (VRM);
(4) the definition of multicriteria assignment procedures, applied
to classify risks from the VRM by severity; (5) and the use of
MACBETH’s resource allocation to prioritize risk mitigation
actions and analyze portfolios that offer the best value for money
for different budgeting and contextual constraints.