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Risk Assessment for Asset Owners by Steve Watkins, Alan Calder

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CHAPTER 9: RISK LEVEL

The risk level is a function of impact and likelihood (probability). The final step in the risk assessment exercise is to assess the risk level for each impact.

Three levels of risk assessment are usually adequate: low, medium and high. Where the likely impact is low and the probability is also low, then the risk level could be considered very low. Where the impact is at least high and the probability is also at least high, then the risk level might (depending on the design of the risk matrix) be either high or very high. These relationships are set out in the table below.

Figure 4: The risk scale

Every organization ...

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