What is the RACI matrix used for in risk management?

The RACI matrix is a powerful tool in risk management that categorizes stakeholders into four distinct roles: Responsible, Accountable, Consulted, and Informed. Each role has specific implications for project tasks and stakeholder involvement. By defining these roles, the RACI matrix helps clarify who is responsible for executing tasks, who is accountable for the outcomes, who should be consulted for expertise, and who needs to be kept informed about progress and decisions. This structured approach enables clear communication and ensures that everyone involved understands their responsibilities, thereby improving overall project efficiency and reducing the chances of oversight or miscommunication.

The other options do not accurately represent the purpose of the RACI matrix. Identifying external stakeholders is a more general task that encompasses various engagement strategies, while calculating risk probabilities pertains to quantitative risk analysis methods, and establishing financial accountability relates to financial management rather than stakeholder roles. Thus, while all these concepts are important in the broader context of risk management, they do not capture the specific utility of the RACI matrix.