Understanding the Four Key Factors in Risk Assessment

1. Likelihood: The chance of an event occurring. This is often expressed as a probability or percentage.

2. Severity: The potential consequences of an event. This can be measured in terms of financial loss, injuries, or other negative impacts.

3. Exposure: The degree to which someone or something is exposed to a hazard. This can be measured in terms of frequency, duration, or intensity of exposure.

4. Vulnerability: The susceptibility of someone or something to harm from a hazard. This can be influenced by factors such as age, health, or socioeconomic status.