• The probable frequency and probable magnitude of future loss [2] • The potential of loss (an undesirable outcome; however, not necessarily so) resulting from a given action, activity, and/or inaction, foreseen or unforeseen • A number of risk metrics are commonly applied, such as loss event frequency and probable loss magnitude [2] • Furthermore, a distinction may be made between: — Initial risk: before mitigation — Residual risk: after mitigation