I find your question very interesting and this is related to something that I have been developing for 20 years called the Potenciar Model; This model considers the need to manage problems, risks and crises in a constant cycle of 10 phases in time; since the concept of risk normally understood as the combination of probability and gravity is not enough and has a great deficiency which is that the generating systems change over time; Furthermore, the concept of risk must incorporate the concepts of denials and early signals, which may vary over time due to the combination of generating systems; For this reason and from this point of view, the use of these formulas may perhaps be insufficient .... I think it is important to continue discussing this topic. One of the opportunities for improvement I see is that risk matrices should not be limited or exclusively managed with formulas.
Gerardo Andres Moreno Yepez