The probability of a threat or risk to occur is defined as _____________
According to the ISO 22301 Auditing eBook, likelihood is defined as 'the chance of something happening, whether defined, measured or determined objectively or subjectively, qualitatively or quantitatively, and described using general terms or mathematically (such as a probability or a frequency over a given time period)'1. Likelihood is one of the factors that determine the level of risk, along with the impact or consequence of an event. The probability of a threat or risk to occur is therefore equivalent to the likelihood of that event.
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