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Dictionary by pitch.dog
Enterprise risk & controls · Core

Likelihood

Also called: probability

ELI5

The assessed chance or frequency of a risk event.

Used in conversation

“The board will ask what happens if likelihood moves outside tolerance.”

Pitch context

You will see “Likelihood” in board papers, contracts, policies, risk registers and compliance reports when the discussion reaches enterprise risk & controls.

Why it matters: In enterprise risk & controls, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

When the words have to travel

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Sources & evidence · 6

Direct term-level sources and supporting source families.