How do you prioritise risks?

Lots of helpful replies in this post about risks. Thanks to everyone who shared:

Let’s dive into the nitty gritty of prioritising risks.

What prioritisation techniques have you used? What did they look like and how did they help?

What pitfalls should we be aware of when prioritising risks?

Can we use generic prioritisation techniques in combination with risk assessment techniques? What risk and prioritisation combos can we create?

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Impact vs Probability. Quickly going to show some tables:

How to calculate the impact: (you can adjust this for your own project)

How to calculate probability:

And then you have something like this:

This is basically how we did it on my previous project. High gets fixed asap.
Medium is next sprint and low is often just backlog or if there is some time left.

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@simon_tomes I believe specific examples in the impact scale example and a why could probably help

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