Risk matrices are often utilized by owners to make informed decisions regarding the need and urgency of repair. A typical format of a risk matrix consists of defining the likelihood of occurrence of event (failure to meet the defined limit state in the case of structural evaluation) and the associated consequence. Existing practice of using risk matrices for decision-making indicates the qualitative assignment of the likelihood category based on a conventional member utilization design check. A simplified reliability-based approach to quantify the likelihood category to provide a direct correlation between reliability-based structural evaluation of existing structures and the decision-making process was developed and utilized by the authors. Features of the developed approach are highlighted in this paper. Variants of reliability-based risk matrices were applied in several real-life consulting works to evaluate the safety of existing structures in Canada. Three relevant case studies are outlined in this paper.