Risk likelihood versus consequence is an indicator that helps organisations understand how well they are dealing with the risk agenda. Likelihood is simply how likely the risk is to materialise, whereas consequence is the impact on the organisation (not just financial, but also operational and reputational and, in some instances, its license to operate.
This indicator will be included in my book: Key Performance Indicators - the 100 measures every manager needs to know, which contains an in-depth description of this KPI, as well as practical advice on data collection, calculations, target setting, and actual usage.