Risk

The combined effect of the probability and consequences of failure of an item expressed in qualitative or quantitative terms.

The quantitative or qualitative expression of the possibility of an event occurring that considers both the probability that a hazard will cause harm and the consequences of that event.

The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences. With
respect to continuity, risk may degrade or hinder performance of essential functions and affect critical assets associated with continuity operations.

A quantitative or qualitative expression of possible harm, which considers both the probability that a hazard will cause harm and the amount of harm; or, alternatively, an estimate of the probability of occurrence of a hazard-related incident and the severity of the consequence associated with the incident.