|An event that is not likely to occur -- it has a low Probability of Failure (PoF) -- but it will have significant Consequences of Failure (CoF) for the organization.
HILP risks are recorded on the risk register and appear in the bottom right-hand quadrant of the risk matrix.
decision making is at the heart of asset management and this requires
mindful consideration of the relationship between the probability of
failure (PoF) and the consequences of failure (CoF). The complexities
of these correlations can sometimes be captured on a risk matrix.