What does hazard probability category B signify?

The designation of hazard probability category B indicates that these hazards are expected to occur with some level of certainty over a period but are not anticipated to happen immediately. This classification reflects a level of risk where the likelihood of occurrence increases over time, suggesting that while there’s an acknowledgment of potential impact, there is also recognition that it may not be imminent.

In operational risk management, understanding the probability and timeline of hazards is crucial for effective risk mitigation strategies. By categorizing hazards in this manner, organizations can prioritize their resources and responses based on the probability of events occurring, thereby allowing them to prepare adequately for risks that are anticipated over a defined timeframe.