To calculate the risk as part of a risk assessment, it is essential to consider the event severity and likelihood
. This involves evaluating how severe the impact of a threat event could be and the probability of its occurrence1. These factors help in determining the level of risk associated with a particular asset or event. While the assessment scope, incident response playbook, and risk model framework are important elements of risk management, they do not directly contribute to the calculation of risk in the same way that understanding the severity and likelihood of an event does234.