What is the purpose of combining probability with severity in risk assessments?

Combining probability with severity in risk assessments serves a critical role in quantifying and prioritizing risks. This combination allows organizations to assess not only how likely an event is to occur (probability) but also the potential impact of that event should it happen (severity).

The Risk Assessment Code is determined using this combination by assigning values to both probability and severity, which then allows teams to calculate an overall risk score. This score helps in categorizing risks into different levels, ensuring that resources and attention can be allocated appropriately to the most significant threats. By focusing on this assessment, organizations can develop targeted strategies for risk mitigation, enhancing safety protocols, and ensuring compliance with standards.

While minimizing costs, identifying safety regulations, and enhancing training efficacy are important aspects of risk management, they do not directly stem from the integration of probability and severity. Instead, these factors may be outcomes of a thorough risk assessment process rather than the main purpose of combining these two elements.