Risk is stated Here

Impact

Narrative explaining what bad will happen if this risk happens.

Severity

Hoe bad will it be? Severity of the risk on this scale: negligible, marginal, critical, catastrophic.

Likelihood

How possible is it that this happens? Likelihood of the risk on this scale: rare, unlikely, possible, likely, certain.

Response

Narrative explanation of how this risk will be addressed. Will be a combination of how the risk will be managed. Some common approaches are: mitigation, monitoring, prepared a response, contracting to another party.