Which of the following BEST defines risk level?

The definition of risk level emphasizes the relationship between the probability of an undesirable event occurring and the expected impact that event would have if it were to happen. This approach is widely accepted in risk assessment frameworks. By characterizing risk as a function of both likelihood and consequence, option C captures the essence of risk analysis effectively.

In this context, "probability of an undesirable event" refers to the chance that a specific risk will materialize, while "expected impact" pertains to the severity or extent of the consequences should that event occur. This dual consideration allows for a comprehensive understanding of risk, enabling practitioners to prioritize risks based on the level of threat they pose to project objectives.

While other options may touch on elements related to risk assessment, they do not encapsulate the fundamental relationship of probability and impact as cohesively as option C does. For instance, some options may misrepresent how risk is quantified or fail to distinguish adequately between different components necessary for a proper risk level assessment.