Are you quantifying hazard and risk properly? Maybe...Likely...Probably!

Are you Quantifying hazard and risk properly? It is a good question, qualifying or prioritizing risk from a hazard assessment is a best practice. However, a big however, people get hung up on the process, which one is the right one. Have a look at the video the answer may surprise or it might cause you to pound out a comment on the keyboard. Either way I am interested. I want to hear how you prioritize risk from your hazard assessments, how you quantify risk, what's your formula?