Frequency Description Detail 1 Rare The event may occur only in exceptional circumstances. 2 Unlikely The event could occur at some time. 3 Moderate The event should occur at some time. 4 Likely The event will probably occur in most circumstances. 5 Almost certain The event is expected to occur in most circumstances. Note that the classification of risks must take into account the specific circumstances, for example, the flooding of a warehouse may range from rare if it is located to a region that receives little rain to frequent if it is located in somewhere that is often subject to flooding. Learning activity: Board role for risk management PricewaterhouseCoopers believes that boards can play a vital role in improving the quality of risk management information provided to them to review and/or act on. A discussion paper published by them describes five steps that can help boards get the information they require. . PricewaterhouseCoopers, 2006, Bridging the risk and control information gap, available online, PWC, viewed January 2015, . Based on the likelihood scale above, describe which risks would be included in the statement 'Be clear about what matters', i.e. would you include all items on the scale, or just frequent risks? Identify the cut-off you would apply and explain why