What is the term for the combination of the impact and likelihood of a risk occurring?

The term that refers to the combination of the impact and likelihood of a risk occurring is "Risk Assessment." This process involves identifying potential risks, evaluating the severity of their possible impacts, and estimating the probability of their occurrence. By merging both the impact and likelihood, risk assessment provides a comprehensive understanding of risks facing an organization, which is crucial for informed decision-making and prioritizing risk management efforts.

While risk analysis is a component of risk assessment, focusing more on detailed examination of specific risks, and risk evaluation involves comparing the level of risk against pre-established risk criteria to determine if the risks are acceptable, risk assessment is the broader term that encompasses both likelihood and impact. Risk tolerance, on the other hand, relates to the level of risk that an organization is willing to accept, which is a separate concept from the assessment process itself. Thus, the focus on both impact and likelihood within risk assessment makes it the correct term for the combination of these two elements.