What defines the likelihood of an event categorized as "Very Low" in risk assessment?

The classification of an event as "Very Low" in risk assessment is typically based on its infrequency and low probability of occurrence. When an event is defined as occurring less than once every 10 years, it indicates that such events are highly unlikely and can be considered unusual or rare in the context of risk management. This classification helps organizations prioritize their risk mitigation strategies, focusing resources on more probable events while recognizing that those considered "Very Low" can be deprioritized due to their low likelihood of occurrence.

In contrast, the other options describe events that are more frequent, which falls outside the "Very Low" classification. For example, events that occur between 1-10 times a year, more than 100 times a year, or between 10-100 times a year would imply significantly higher probabilities and, thus, a need for different risk management approaches. Understanding these distinctions is key to effective risk assessment and management in various contexts.