What are the risk assessment levels?

The levels of risk assessment can vary depending on the specific framework or methodology being used. In general, the most commonly recognized levels of risk assessment are:

1. Insignificant Risk: This level represents a very low probability and/or impact of a potential risk. It may require minimal or no action.

2. Low Risk: This level indicates a relatively low probability and/or impact of a potential risk. It typically requires specific control measures or monitoring.

3. Moderate Risk: This level signifies a medium level of probability and/or impact of a potential risk. It requires more substantial control measures and monitoring.

4. High Risk: This level represents a relatively high probability and/or impact of a potential risk. It necessitates rigorous control measures and active management.

5. Extreme Risk: This level indicates a severe and urgent potential risk with a very high probability and/or impact. It demands immediate attention and stringent control measures to mitigate the risk.

It is essential to note that these risk assessment levels may vary across industries and organizations, and they can be further subdivided into more detailed categories. Additionally, the specific criteria and definitions for each level may differ based on the context and methodology employed.