You can use a matrix like this to analyze qualitative risk based off of the likelihood and the severity of the consequence.
Text in this example:
Almost Certain
Likely
Possible
Unlikely
Rare
Severe
Major
Moderate
Minor
Insignificant
Likelihood
Consequence
Qualitative Risk Analysis
E= Extreme Risk (Detailed Action/Plan Required)
H = Higher Risk (Needs Senior Management Attention)
M = Moderate Risk (Specific Management Responsibility)
L = Low Risk (Manage by Routine Procedures)