3. Risk management repository

3.1 Risk rating framework

We have therefore chosen to represent risk using a 4 x 4 matrix. But what does "strong likelihood", "weak likelihood", "minor severity" or "major severity" mean on this matrix? As we pointed out in our introduction, each individual, in his or her private and professional life, has a personal apprehension of risk. If we don't define the words precisely, they will have a different meaning for each of us.

The ISO 31000 standard (Risk management - Principle and guidelines), which we described at length in our previous article (see § ...