Likelihood (in relation to Risk)
The probability that risks may occur if action is not taken by management. Likelihood is usually ranked as low, medium or high in relation to the causal chain of events leading up to the action.
(Office of the Auditor General. 2000. "Planning the Special Examination." Manual on Special Examination of Crown Corporations. http://www.oag-bvg.gc.ca/internet/docs/sem_e.pdf.)