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There is a risk matrix that can be used to determine risk based on the severity and the probability of occurrence of an event.
Severity/Impact is classified into4-5 categories:
1) Negligible
2) Minor
3) Moderate
4) Significant
5) Severe
Probability/likelihood is also further divided into4-5 categories:
1) Negligible
2) Minor
3) Moderate
4) Major
5) Catastrophic
The risks are broadly classifies into3 categories:
1) Low
2) Medium
3) High
Using the above criteria, risks can be ascertained.
Hope this helps.
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