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In risk assessments, frequency and magnitude are commonly represented by the terms likelihood and impact. Likelihood refers to the probability of a risk occurring, essentially capturing how often a particular risk may happen. In contrast, impact represents the magnitude or severity of the consequences should that risk actually occur. This terminology is widely used in risk management frameworks to provide a clear understanding of the risk landscape, allowing organizations to prioritize and manage risks effectively.

While there are other terms presented, they do not capture the specific nuances associated with frequency and magnitude in the context of risk assessment. For instance, while probability and severity are also relevant concepts, they are typically associated with specific analytical methods rather than encompassing the broader terms used in risk assessments. Similarly, aggression and vulnerability relate more to threats and the susceptibility of assets rather than directly addressing the frequency of events and their impacts. Lastly, risk and uncertainty encompass broader risk management concepts but do not specifically align with the definitions of frequency and magnitude.