Final answer:
The risk assessment step in the composite risk management process determines the likelihood and consequences of a hazard, considering its probability and severity.
Step-by-step explanation:
The step in the composite risk management (CRM) process that is focused on determining the probability and severity of a hazard occurring is the risk assessment step. During this phase, the likelihood of an event or process and its consequences are analyzed, which involves evaluating not just the biology of species in case of ecological risks, but also environmental, social, economic impacts, and the viability of control or eradication measures. For example, in addressing the risk of plant invasions, risk analysis techniques become a key tool in the screening process. This reflects the understanding that even if the probability of a threat is low, it deserves considerable attention if the consequences could be significant, akin to buying insurance to protect against low-probability, high-impact events.
The step in the composite risk management (CRM) process that is focused on determining the probability and severity of a hazard occurring is called risk assessment. In this step, the likelihood of a hazard occurring and the potential impact of that hazard are evaluated. This is typically done using techniques such as risk analysis and calculating risk scores.