What are the risk assessment matrix levels definitions?

A risk assessment matrix typically categorizes risks based on their likelihood of occurrence and the potential impact on objectives. The levels are often defined as follows:

1. Low Risk: Unlikely to occur and has minimal impact; regular monitoring is sufficient.
2. Medium Risk: Possible occurrence with moderate impact; requires management attention and mitigation strategies.
3. High Risk: Likely to occur with significant impact; demands immediate action and close monitoring.
4. Critical Risk: Almost certain and could cause severe damage; necessitates urgent intervention and comprehensive risk management plans.