Example Risk Matrix

Aspect Exiting Control Current Risk Improvement Opportunity Cost Target Risk
L C Risk L C Risk
Ground-water contamination from leaky below-ground fuel lines Integrity of below ground lines. Annual pressure testing of lines C 4 Extreme Eliminate below-ground fuel lines. $10k D 2 Low
Failure to achieve a stable landform on eroding spoil dumps Existing waste dump contouring. Material characteristics of spoil. C 4 Extreme Recontour the waste dumps. $1 million C 3 High
Community outrage from excessive plant noise Proximity of neighbours. Existing noise emissions. Existing activity scheduling.B3HighInstall silencers on machinery. Schedule high-noise activities for day-light hours$200K$10k (indirect)DD33ModerateModerate
Land contamination from metallic dust fall-out B 3 High Do nothing.
Installation of sprinkler system on conveyor point sources.
Enclose material in a shed

With the above examples it is clear that spending $10,000 on lifting below-ground fuel lines above ground is sensible. The million dollars for stabilising the waste dumps would probably be deferred for a couple of years.
The Do Nothing option for metallic dust fall-out actually escalates the risk because ongoing dust fall-out will continue to contaminate the soil.

L =Likelihood

C = Consequence

SeeĀ Risk Standards for an explanation of the code