Which of the following statements best summarizes the relationship depicted in the risk equation?

The statement that risk increases with higher probability or consequence accurately summarizes the relationship depicted in the risk equation, which is often expressed as Risk = Probability × Consequence. This equation highlights that risk is a function of both how likely an event is to occur (probability) and the severity of the outcome if it does occur (consequence).

When either the probability of an adverse event increases or the potential consequences of that event become more severe, the overall risk rises. This understanding underscores the need for comprehensive risk management strategies that consider both dimensions — effectively working to reduce either the likelihood of incidents or their potential impacts to maintain lower overall risk levels.

In contrast, the other statements suggest relationships that misinterpret how probability and consequence interact within the risk equation. For instance, claiming that increased probability reduces consequence overlooks how they function together to influence risk, while asserting that a higher probability leads to a lower overall risk contradicts the fundamental definition of risk itself. Similarly, the notion that higher consequences can be offset by lower probabilities does not adequately capture the direct relationship outlined in the risk equation.