MANAGEMENT

Detailed explanation-1: -Risk = Consequence x Likelihood; where: (i) Likelihood is the Probability of occurrence of an impact that affects the environment; and, (ii) Consequence is the Environmental impact if an event occurs.

Detailed explanation-2: -Risk determination assesses threats and vulnerabilities to consider the likelihood that known threat sources will be able to exploit identified vulnerabilities to cause one or more adverse events and the consequences if such events occur.

Detailed explanation-3: -Risk Likelihood means the possibility of a potential risk occurring, interpreted using qualitative values such as low, medium, or high. This is in comparison with quantitative assessments, which use data and numbers. When using a quantitative assessment, you typically speak about Risk Probability and percentage.

Detailed explanation-4: -According to the International Organisation for Standardization (ISO), the risk would be defined as a “combination of the probability of an event and its consequences".