The second component of risk is likelihood of
the possible impact occurring.

What do we mean by "likelihood"?

You need to start putting some amounts and frequencies to the likely impacts.

How likely is the impact to happen, or would
it only happen in exceptional circumstances?
Or is it very likely to happen regularly?

Consider words like the following that describe "likelihood":

• Everyday
• Associated with Accidents
• Emergency
• Gradual
• Long term
• Low level
• Serious Occurrence

And then remember there is the matter of whether there is a persistent or cumulative nature of the impact.