A risk matrix may look something like
If we have two columns of data, one representing the likelihood of the risk and the other the severity of the risk, then a third column should be able to use a formula to give the relevant rating.
I have named cells b2 to E5 in the first screenshot as Risks and they are in a worksheet called Risk Rating.
The relevant formula to go in cell D2 is
=(INDEX(Risks,MATCH(C2,’Risk Rating’!$A$2:$A$5,0),MATCH(B2,’Risk Rating’!$B$1:$E$1,0))
Where the consequence in C2 is matched in the risk rating cells A2 to A5 and the likelihood in B2 is matched in the risk rating cells B1 and E1 and the intersection of both is returned.
I added the IFERROR function to allow copying of the formula down column D before values have been input in columns B and C without showing an error message.