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Levels of Risk
Completion requirements
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Risk levels are calculated as the product of the LIKELIHOOD and IMPACT of a potential threat event/threat event category:
Low-risk items need to be considered, but there is a smaller chance that they will cause the entire project to go off the rails. It is most unlikely that harm would arise under the controlled conditions listed, and even if the exposure occurred, the injury would be relatively slight.
Medium-risk items are the ones that could cause issues, but there is still a lower chance that they will cause your project to fail. It is more likely that harm might actually occur, and the outcome could be more serious (e.g. some time off work, or a minor physical injury).
High-risk items are the risks that take the highest priority. They can cause your project to fail, and you need to plan for these risks ahead of time.