Risk

A measure of human injury, environmental damage, or economic loss in terms of both the incident likelihood and the magnitude of the injury or loss. 

 

A simplified version of this relationship expresses risk as the product of the Frequency and the Consequence of an incident (i.e., Risk = Frequency x Consequence). For example, Frequency may be expressed as "events/year" and Consequence as "impact/event" (F = 1 release/year; C = 1 fatality/release; with R = 1 fatality/year for the release scenario).