It is Monday morning and you investment manager calls you to his office and this is what he has to say to you. I greatly appreciate the draft you provided regarding risk identification techniques, as it proved to be highly beneficial in aiding us to identify the primary risk factors for our client. From what I've gathered, our subsequent phase following risk identification will entail risk assessment. This phase will entail evaluating both the likelihood/probability and severity/impact of these risk factors. However, I did convey to our client that, while we can create clear and unequivocal frameworks for assessing impact, assessing probability often presents more intricate challenges. I'm scheduled to meet with the client in an hour, during which I'll elaborate on the complexities tied to probability assessment.

Required:

Can you please therefore in preparation for this meeting, draft a write up that describes the difficulties linked to probability when it comes to conducting risk assessments?