Final answer:
The level of risk is determined by two key factors: likelihood and impact. These are essential in risk assessment to prioritize and manage potential risks in various domains.
Step-by-step explanation:
The factors that determine the level of risk. The correct answer is likelihood and impact, which are two fundamental components used when assessing risk. Likelihood refers to the probability that a potential threat will exploit a vulnerability, and impact is the extent of damage or loss that could be caused if the threat occurs.
Likelihood and impact are integral in risk assessment and management processes, as they help to prioritize risks based on their severity and the chance that they will materialize. For high-severity and high-likelihood risks, immediate and robust mitigation strategies are generally necessary. In contrast, risks with low impact and low likelihood may be accepted or subjected to less urgent treatment.