Which term describes the likelihood that a specific risk will occur?

The term that describes the likelihood that a specific risk will occur is probability. In risk management, probability refers to the chance or likelihood of an event happening, which is a crucial aspect when assessing risks. Evaluating the probability helps organizations understand how likely various risks are to materialize, allowing them to prioritize their risk management efforts effectively.

Understanding probability is essential because it enables organizations to quantify risks and develop appropriate strategies to mitigate or respond to them. By analyzing historical data, conducting assessments, and utilizing models, organizations can determine the probability of specific risks based on various factors, such as the environment, controls in place, and past experiences.

This understanding differentiates probability from the other terms listed, which focus on different aspects of risk. For instance, impact relates to the consequences of a risk if it does occur, threat level characterizes the potential severity or seriousness of a threat, and severity indicates the magnitude of damage or injury that could arise from a risk. Each of these concepts is interconnected within risk management, but it is probability that specifically addresses how likely a risk is to happen.