{"id":7131,"date":"2026-03-05T06:06:27","date_gmt":"2026-03-05T06:06:27","guid":{"rendered":"https:\/\/www.theirmindia.org\/blog\/?p=7131"},"modified":"2026-03-11T05:01:04","modified_gmt":"2026-03-11T05:01:04","slug":"risk-impact-vs-risk-likelihood-the-essential-difference","status":"publish","type":"post","link":"https:\/\/www.theirmindia.org\/blog\/risk-impact-vs-risk-likelihood-the-essential-difference\/","title":{"rendered":"Risk Impact vs Risk Likelihood: The Essential Difference"},"content":{"rendered":"<p><a href=\"https:\/\/www.theirmindia.org\/certification-track\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5040\" src=\"https:\/\/www.theirmindia.org\/blog\/wp-content\/uploads\/2025\/11\/blog-image-300x74.png\" alt=\"Getting India Risk Ready\" width=\"668\" height=\"166\" srcset=\"https:\/\/www.theirmindia.org\/blog\/wp-content\/uploads\/2025\/11\/blog-image-300x74.png 300w, https:\/\/www.theirmindia.org\/blog\/wp-content\/uploads\/2025\/11\/blog-image-768x191.png 768w, https:\/\/www.theirmindia.org\/blog\/wp-content\/uploads\/2025\/11\/blog-image.png 1024w\" sizes=\"auto, (max-width: 668px) 100vw, 668px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Risk impact<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">risk likelihood<\/span><span style=\"font-weight: 400;\"> are the two basic coordinates of risk thinking. One tells you\u00a0<\/span><i><span style=\"font-weight: 400;\">how bad<\/span><\/i><span style=\"font-weight: 400;\">\u00a0it could be; the other tells you\u00a0<\/span><i><span style=\"font-weight: 400;\">how often<\/span><\/i><span style=\"font-weight: 400;\">\u00a0or\u00a0<\/span><i><span style=\"font-weight: 400;\">how easily<\/span><\/i><span style=\"font-weight: 400;\">\u00a0it could happen. Treat them as separate, and your risk view stays flat. Combine them, and you get a map for prioritising action.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Risk impact\u00a0is the potential\u00a0<\/span><i><span style=\"font-weight: 400;\">consequence<\/span><\/i><span style=\"font-weight: 400;\">\u00a0if a risk materialises. It answers the question: \u201cIf this happens, how bad is it for our objectives?\u201d Impact can be expressed in money, time, safety incidents, regulatory outcomes, reputation damage, customer experience or strategic setbacks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Risk likelihood\u00a0is the\u00a0<\/span><i><span style=\"font-weight: 400;\">chance<\/span><\/i><span style=\"font-weight: 400;\">\u00a0that a risk event will occur within a defined time frame or context. It answers the question: \u201cHow probable is it that this will actually happen?\u201d Likelihood can be described qualitatively (\u201crare\u201d, \u201cpossible\u201d, \u201calmost certain\u201d) or quantitatively (probabilities, frequencies, expected counts).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In simple terms:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Impact =\u00a0<\/span><i><span style=\"font-weight: 400;\">severity<\/span><\/i><span style=\"font-weight: 400;\">\u00a0of the punch.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Likelihood =\u00a0<\/span><i><span style=\"font-weight: 400;\">probability\u00a0of<\/span><\/i><span style=\"font-weight: 400;\"> being hit.<\/span><\/li>\n<\/ul>\n<h2><b>Why Treating Them Separately Matters<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Many organisations instinctively focus on one more than the other:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you obsess over\u00a0impact\u00a0only, you chase every scary scenario, even those that are extremely unlikely, and risk paralysing the business.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you obsess over\u00a0likelihood\u00a0only, you ignore high-impact, low-probability events until they happen \u2013 at which point it is too late.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Separating the two helps you:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid panic about\u00a0<\/span><i><span style=\"font-weight: 400;\">dramatic but extremely rare<\/span><\/i><span style=\"font-weight: 400;\">\u00a0risks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid complacency about\u00a0<\/span><i><span style=\"font-weight: 400;\">quiet but frequent<\/span><\/i><span style=\"font-weight: 400;\">\u00a0risks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Have more nuanced conversations: \u201cYes, this is unlikely, but impact is catastrophic\u201d or \u201cYes, this happens often, but impact is minor.\u201d<\/span><\/li>\n<\/ul>\n<h2><b>Measuring Risk Impact<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Impact should be defined in the language of your objectives. Typical dimensions include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Financial<\/b><span style=\"font-weight: 400;\">: <\/span><span style=\"font-weight: 400;\">Financial risks<\/span><span style=\"font-weight: 400;\"> such as loss amount, earnings hit, cost overruns, write-offs, capital erosion.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Customer &amp; business continuity<\/b><span style=\"font-weight: 400;\">: <\/span><span style=\"font-weight: 400;\">Business risks<\/span><span style=\"font-weight: 400;\"> such as downtime, service disruption, lost customers, SLA breaches.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>People &amp; safety<\/b><span style=\"font-weight: 400;\">: injuries, fatalities, mental health impact, staff turnover.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory &amp; legal<\/b><span style=\"font-weight: 400;\">: <\/span><span style=\"font-weight: 400;\">Regulatory risks<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">legal risks<\/span><span style=\"font-weight: 400;\"> such as fines, sanctions, licence restrictions, litigation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reputation &amp; trust<\/b><span style=\"font-weight: 400;\">: <\/span><span style=\"font-weight: 400;\">Reputational risks<\/span><span style=\"font-weight: 400;\"> arising from negative media, social backlash, rating downgrades, partner exits.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Strategic<\/b><span style=\"font-weight: 400;\">:\u00a0 <\/span><span style=\"font-weight: 400;\">Strategic risks<\/span><span style=\"font-weight: 400;\"> such as delay or derailment of key initiatives, loss of competitive position.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Organisations often use qualitative bands (insignificant, minor, moderate, major, severe) and, where possible, anchor them with thresholds \u2013 for example, \u201cmajor\u201d = more than X days of downtime or more than Y% impact on profit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Good practice is to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Define impact criteria\u00a0<\/span><i><span style=\"font-weight: 400;\">before<\/span><\/i><span style=\"font-weight: 400;\">\u00a0conducting a <\/span><a href=\"https:\/\/www.theirmindia.org\/international-certificate-enterprise-risk-management-irmcert-level2\" target=\"_blank\" rel=\"noopener\"><b>risk assessment<\/b><\/a><span style=\"font-weight: 400;\"> of individual <\/span><span style=\"font-weight: 400;\">qualitative risks<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">quantitative risks<\/span><span style=\"font-weight: 400;\">, to avoid moving the goalposts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep thresholds realistic and tailored to scale (what is \u201cmajor\u201d for a start-up is routine noise for a large conglomerate).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consider\u00a0<\/span><i><span style=\"font-weight: 400;\">worst credible impact<\/span><\/i><span style=\"font-weight: 400;\">, not just typical impact, especially for critical risks.<\/span><\/li>\n<\/ul>\n<h2><b>Measuring Risk Likelihood<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Likelihood is about how often or how easily something might happen. It can be approached in several ways:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Qualitative scales<\/b><span style=\"font-weight: 400;\">:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Rare: may occur only in exceptional circumstances.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Unlikely: could happen, but not expected.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Possible: might occur at some time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Likely: will probably occur.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Almost certain: expected to occur in most circumstances.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Quantitative approximations:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Probabilities (e.g., 1% annual chance).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Frequencies (e.g., once in 10 years, 3 times per year).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Historical rates (e.g., observed default rates, incident counts).<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Challenges include: <\/span><span style=\"font-weight: 400;\">data risks<\/span><span style=\"font-weight: 400;\">, changing environments and human bias. To improve <\/span><span style=\"font-weight: 400;\">risk analytics<\/span><span style=\"font-weight: 400;\"> and likelihood assessment:\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Implement <\/span><span style=\"font-weight: 400;\">data driven risk management<\/span><span style=\"font-weight: 400;\"> solutions (Include data such as incidents, near misses, external benchmarks).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Combine data with\u00a0expert judgement, especially for <\/span><span style=\"font-weight: 400;\">emerging risks<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Review likelihood periodically; what was \u201crare\u201d yesterday may be \u201cpossible\u201d today.<\/span><\/li>\n<\/ul>\n<h2><b>The Risk Matrix: Where Impact Meets Likelihood<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The classic <\/span><span style=\"font-weight: 400;\">risk matrix<\/span><span style=\"font-weight: 400;\"> plots likelihood on one axis and impact on the other. Each risk is placed where the two meet, creating zones like \u201clow\u201d, \u201cmedium\u201d, \u201chigh\u201d or \u201cextreme\u201d risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This allows you to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prioritise<\/b><span style=\"font-weight: 400;\">: high-impact\/high-likelihood risks demand immediate attention; low-impact\/low-likelihood risks can be accepted or monitored.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Differentiate strategies<\/b><span style=\"font-weight: 400;\">:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">High impact, low likelihood (catastrophic but rare): focus on <\/span><span style=\"font-weight: 400;\">risk resilience<\/span><span style=\"font-weight: 400;\">, contingency plans and insurance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">High likelihood, low impact (frequent but small): focus on process improvements and automation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Medium-medium: use cost-benefit analysis to decide how much to invest in controls.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">However, <\/span><span style=\"font-weight: 400;\">risk matrices<\/span><span style=\"font-weight: 400;\"> are only as good as the thinking behind them. They should be a conversation tool, not a mechanical sorting box.<\/span><\/p>\n<h2><b>Common Pitfalls in Using Impact and Likelihood<\/b><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Collapsing them into a single vague \u201crisk level\u201d<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Saying \u201cthis is a high risk\u201d without specifying whether it is high impact, high likelihood or both hides crucial information. Always keep the two dimensions visible.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Assuming impact and likelihood are independent<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">In reality, controls that lower likelihood can also lower impact, and vice versa. As conditions change (e.g., economy, regulation, technology), both can shift.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Static, one-off assessments<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Treating impact and likelihood as fixed numbers ignores dynamics. For instance, as an organisation becomes more dependent on a single supplier, both impact\u00a0<\/span><i><span style=\"font-weight: 400;\">and<\/span><\/i><span style=\"font-weight: 400;\">\u00a0likelihood of disruption may rise.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ignoring <\/b><b>tail risks<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Focusing only on \u201cmost likely\u201d impact underplays extreme but credible scenarios. For critical risks (e.g., safety, cyber, compliance), you need to understand the tail as well.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Over-precision for weak data<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Using very fine-grained numerical scales can give an illusion of accuracy. Where data is sparse, it is better to use broad bands with clear definitions and document assumptions.\u00a0<\/span><\/li>\n<\/ol>\n<h2><b>Linking Impact and Likelihood to <\/b><b>Risk Response<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">How you treat a risk should depend on the risk\u2019s position in the impact\u2013likelihood space:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High impact \/ high likelihood<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Strong controls and <\/span><a href=\"https:\/\/www.theirmindia.org\/fundamentals-of-risk-management-form-level1\" target=\"_blank\" rel=\"noopener\"><b>risk mitigation<\/b><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Clear ownership and tight monitoring.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Possibly risk transfer (insurance, contracts) and contingency plans.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High impact \/ low likelihood<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Focus on resilience, emergency response, business continuity and disaster recovery.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Consider insurance or financial buffers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Regular scenario exercises and simulations.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low impact \/ high likelihood<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Streamline and automate controls so they are cost-effective.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Use process re-engineering or technology to reduce frequency.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Often suitable for risk reduction through efficiency projects.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low impact \/ low likelihood<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Typically accepted with minimal specific action.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Monitored periodically in case conditions change.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Risk impact and likelihood also link directly to <\/span><span style=\"font-weight: 400;\">risk appetite<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Appetite for\u00a0high-impact\u00a0risks may be very low in areas like safety, compliance or core reputation, irrespective of likelihood.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For\u00a0opportunity-type\u00a0risks (e.g., new products, markets), an organisation may accept higher likelihood of downside if impact is manageable and upside is attractive.<\/span><\/li>\n<\/ul>\n<h2><b>Helping Stakeholders Understand the Distinction<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To make impact and likelihood intuitive for boards and teams:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Use\u00a0plain-language examples<\/b><span style=\"font-weight: 400;\">:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">\u201cThis is unlikely, but if it happens we could lose a year\u2019s profit\u201d (high impact, low likelihood).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">\u201cThis happens every quarter but costs us very little each time\u201d (low impact, high likelihood).<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Show\u00a0before\/after\u00a0scenarios<\/b><span style=\"font-weight: 400;\">:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">How a new control reduces likelihood.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">How a continuity plan reduces impact.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Keep\u00a0scales visible<\/b><span style=\"font-weight: 400;\">\u00a0in reports and dashboards, not just overall ratings.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When people understand that every risk has two coordinates \u2013\u00a0<\/span><i><span style=\"font-weight: 400;\">how bad<\/span><\/i><span style=\"font-weight: 400;\">\u00a0and\u00a0<\/span><i><span style=\"font-weight: 400;\">how likely<\/span><\/i><span style=\"font-weight: 400;\">\u00a0\u2013 conversations move away from vague labels (\u201cbig risk\u201d, \u201csmall risk\u201d) to sharper, more actionable decisions. That is the real power of distinguishing risk impact from risk likelihood in an <\/span><a href=\"https:\/\/www.theirmindia.org\/what-is-enterprise-risk-management-erm\" target=\"_blank\" rel=\"noopener\"><b>enterprise risk management<\/b><\/a><span style=\"font-weight: 400;\"> strategy: it turns risk from an abstract worry into a structured, prioritised, and ultimately manageable part of strategy and operations.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Risk impact and risk likelihood are the two basic coordinates of risk thinking. One tells you\u00a0how bad\u00a0it could be; the other tells you\u00a0how often\u00a0or\u00a0how easily\u00a0it could happen. Treat them as separate, and your risk view stays flat. Combine them, and you get a map for prioritising action. Risk impact\u00a0is the potential\u00a0consequence\u00a0if a risk materialises. It answers the question: \u201cIf this happens, how bad is it for our objectives?\u201d Impact can be expressed in money, time, safety incidents, regulatory outcomes, reputation damage, customer experience or strategic setbacks. Risk likelihood\u00a0is the\u00a0chance\u00a0that a risk event will occur within a defined time frame or [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":7328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[56],"tags":[46,193,294,92],"class_list":["post-7131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-risk-360","tag-enterprise-risk-management","tag-risk-assessment","tag-risk-impact-vs-risk-likelihood","tag-risk-mitigation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Risk Impact vs Risk Likelihood in Enterprise Risk Management - IRM India<\/title>\n<meta name=\"description\" content=\"Understand the difference between risk impact and risk likelihood and how they work together in risk matrices. 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