When assessing risk, which factor is not included in the formula?

The assessment of risk typically involves various factors that help determine the potential risks associated with certain actions or scenarios. In most risk assessment models, the key components included are consequence, exposure, and probability.

Consequence refers to the potential impact or outcome that may result from a risk event, while exposure relates to the possibility of encountering the risk in a given situation. Probability is the likelihood of the risk event occurring. These three elements work together to provide a comprehensive understanding of the risk landscape.

The factor that is not included in the core risk assessment formula is frequency. Although frequency may be an important consideration in certain contexts, it doesn’t play a central role in the standard risk assessment calculations, which primarily focus on the severity of outcomes (consequence), how often those outcomes might be encountered (exposure), and the likelihood of their occurrence (probability).

Understanding this distinction helps in performing effective risk assessments and focusing on the most critical aspects that inform decision-making processes in safety and operational contexts.