You have a system with 2 identified risks. You determine the probability of one risk occurring is higher than the

The scenario describes a fundamental step in risk analysis where two risks are compared based on their probability of occurring. This process is known as assessing the "relative likelihood of an event." Likelihood (or probability) is a key component of risk, which is often calculated as Likelihood × Impact. By determining that one risk has a higher probability than another, you are making a comparative judgment about their likelihood. This comparison helps in prioritizing which risks require more immediate attention or more significant mitigation efforts.

A. A controlled mitigation effort is an action taken to reduce risk (risk treatment), not the analysis of the risk's probability.
B. Risk impact comparison would involve evaluating the potential damage or consequences of each risk, not their probability of occurring.
D. Comparative threat analysis focuses on comparing threat actors or vectors, which is an input to determining likelihood, not the comparison of the likelihood itself.

1. NIST. (2012). Special Publication 800-30, Revision 1: Guide for Conducting Risk Assessments. Section 2.2.2, "Risk Assessment Process," defines likelihood of occurrence as a key factor to be determined. Appendix F provides scales (e.g., Very High, High, Moderate) for assessing likelihood, which inherently involves relative comparison.

2. Factor Analysis of Information Risk (FAIR) framework. The Open FAIR™ Body of Knowledge. The framework defines "Threat Event Frequency" and "Vulnerability" as components of Likelihood. Comparing risks involves comparing their relative frequency.

3. Stanford University. (n.d.). Introduction to Risk Assessment. Course materials for environmental health and safety programs define risk assessment as including a determination of the likelihood of an event, often on a relative scale (e.g., likely, unlikely).