What is the intersection of the assessed probability and severity of a hazard called in the Composite RM process?

In the Composite Risk Management (RM) process, the intersection of the assessed probability and severity of a hazard is referred to as "risk." This risk assessment helps in determining the overall level of risk associated with a specific hazard, allowing for informed decision-making regarding mitigation strategies and resource allocation. By evaluating both probability and severity, organizations can prioritize their responses effectively.