Define the term 'likelihood' in the context of risk assessment.

In the context of risk assessment, 'likelihood' refers specifically to the probability that a particular risk event will occur. It evaluates how likely it is that a specific threat or vulnerability could result in a negative outcome, helping organizations prioritize their risk management efforts. Understanding likelihood is crucial for risk assessment because it quantifies the chance of potential incidents happening, which informs decision-making regarding which risks need immediate attention and which can be monitored or accepted.

Considering the other options, the intensity of risks faced by an organization refers more to the severity of potential impacts rather than the probability of occurrence. The overall cost associated with risk management pertains to the financial aspect rather than measuring likelihood directly. Finally, the speed at which risks can be addressed relates to the response time and effectiveness of risk mitigation efforts instead of assessing how probable those risks are. Thus, defining likelihood accurately as the probability of a risk event occurring is essential for effective risk evaluation and management.