This involves determining the quantitative and/or qualitative factors to estimate the probability and severity of an undesirable state occurring. Assessments are made by evaluating the time, proximity, extent, or frequency of exposure to a hazard. The severity should be determined taking into account the impact on personnel, equipment and operational capacity, and an estimate of the probability of the hazard occurring should be determined. From there you can determine a full risk assessment and assign a risk level in relation to severity and likelihood. A risk assessment matrix can be used to determine the outcome of a hazard. Risk levels range from extremely high, high, medium or low and are determined based on the likelihood of occurrence in relation to the severity of the consequence. Severity is divided into four levels: catastrophic, critical, moderate and negligible. The probability of an event occurring is divided into five different levels: frequent, probable, occasional, rare and unlikely. The matrix is then used as a visual guide to determine the risk level and overall level
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