Risk is a product of probability of occurrence and ______ of an unintended effect.

In the context of ISO standards like ISO 9001:2015 and ISO 31000 (Risk Management), risk is generally understood as the effect of uncertainty on objectives. When quantifying or assessing risk, it is often considered as a combination of two main factors: the likelihood (or probability) of an event occurring and the impact (or consequence) if that event does occur.

The statement "Risk is a product of probability of occurrence and ______ of an unintended effect" describes this common formula for risk. "Probability of occurrence" refers to how likely the event is. The missing term should describe the magnitude or seriousness of the "unintended effect" if it happens.

The term that best fits this description is consequence or severity. Consequence is widely used in risk management to denote the outcome or impact of an event.

The completed sentence is:
Risk is a product of probability of occurrence and consequence of an unintended effect.

The answer is:

• consequence