Likelihood Definitions

Likelihood is assessed over the fund's lifecycle (from today to maturity).

5 (Almost Certain)

Expected to occur; near-inevitable (>80% chance).

4 (Likely)

More likely than not to occur at least once (50–80% chance).

3 (Possible)

Moderate chance of occurrence (20–50% likelihood).

2 (Unlikely)

Low probability, but not impossible (~5–20% chance).

1 (Rare)

Highly unlikely to occur (e.g. <5% chance per year or over the fund’s life).

Impact Definitions

5 (Severe)

Extremely high impact that could jeopardize the fund’s viability or objectives.

4 (Major)

Significant impact requiring substantial management action.

3 (Moderate)

Noticeable impact on the fund but manageable without threatening objectives.

2 (Minor)

Small impact that is easily managed.

1 (Insignificant)

Negligible impact on fund performance or operations.