Establishing a uniform definition for likelihood and impact through risk management standards PRIMARILY addresses which...

Establishing a uniform definition for likelihood and impact through risk management standards primarily addresses the concern of conflicting interpretations of risk levels. This is because likelihood and impact are two key factors that determine the level of risk associated with a threat or event. Different stakeholders may have different perceptions and expectations of what constitutes a high, medium, or low likelihood or impact, which can lead to inconsistent or inaccurate risk assessment and management. By defining and applying a common set of criteria and scales for likelihood and impact, risk management standards can help to ensure a consistent and objective evaluation and communication of risk levels across the organization