The two criteria used to assess levels of risk in a risk matrix are Likelihood and Consequence.

1. Likelihood: This refers to the probability of the risk event occurring. It can be assessed based on past experience, theoretical analysis, or expert judgement. The likelihood is usually categorized into levels such as rare, unlikely, possible, likely, and almost certain.

2. Consequence: This refers to the impact or severity of the risk event if it occurs. The consequence can be assessed in terms of financial loss, harm to health or safety, damage to reputation, or legal implications. The consequence is usually categorized into levels such as insignificant, minor, moderate, major, and catastrophic.

By combining the likelihood and consequence, a risk matrix provides a visual representation of the risks, helping in risk assessment and management.

Question

The two criteria used to assess levels of risk in a risk matrix are Likelihood and Consequence.

1. Likelihood: This refers to the probability of the risk event occurring. It can be assessed based on past experience, theoretical analysis, or expert judgement. The likelihood is usually categorized into levels such as rare, unlikely, possible, likely, and almost certain.

2. Consequence: This refers to the impact or severity of the risk event if it occurs. The consequence can be assessed in terms of financial loss, harm to health or safety, damage to reputation, or legal implications. The consequence is usually categorized into levels such as insignificant, minor, moderate, major, and catastrophic.

By combining the likelihood and consequence, a risk matrix provides a visual representation of the risks, helping in risk assessment and management.

Knowee AI · Accepted Answer

The two criteria used to assess levels of risk in a risk matrix are Likelihood and Consequence.

1. Likelihood: This refers to the probability of the risk event occurring. It can be assessed based on past experience, theoretical analysis, or expert judgement. The likelihood is usually categorized into levels such as rare, unlikely, possible, likely, and almost certain.

2. Consequence: This refers to the impact or severity of the risk event if it occurs. The consequence can be assessed in terms of financial loss, harm to health or safety, damage to reputation, or legal implications. The consequence is usually categorized into levels such as insignificant, minor, moderate, major, and catastrophic.

By combining the likelihood and consequence, a risk matrix provides a visual representation of the risks, helping in risk assessment and management.

What two criteria are used to assess levels of risk in a risk matrix? Group of answer choicesSafety and SecurityAcceptance and MitigationFinancial and LegalLikelihood and Consequence

Question

Solution

Similar Questions

Upgrade your grade with Knowee