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RiskLikelihood (e.g. High, Medium, Low) Impact (e.g. High, Medium, Low) Risk Response Strategy (e.g. Avoid, Transfer, Mitigate or Accept the risk) Actions required By Due Date
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Likelihood refers to the probability or chance of an event occurring, it can be categorized as low, medium, or high.
The likelihood assessment may be required to be filed by individuals, companies, or organizations depending on the specific regulations or requirements.
To fill out likelihood, you need to assess the probability of an event occurring based on various factors and input the corresponding level of likelihood (low, medium, high).
The purpose of assessing likelihood is to minimize potential risks and ensure appropriate measures are in place to mitigate or manage those risks effectively.
The report on likelihood must include the specific event or risk being assessed, the factors considered in determining the likelihood, and the final categorization of likelihood (low, medium, high).
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