Risk Impact Prioritisation

[jeremytwist]

I am currently trying to create criteria for the impact levels of various risks found in the risk log. So far I have settled on the following:

Blocker
High
Medium
Low

However, now I would like some criteria for these four levels so everyone in the organization understands what they represent. I have proposed the following:

Blocker - Prevents high priority requirements from being met or any further project development from being made.

High - Severely compromises meeting requirements or results in extended delays in project development.

Medium - Some requirements may not be met or the project may be delayed.

Low - Some requirements may not be fully satisfied or the project may be delayed for a short period of time.

I would really appreciate it if I could get some feedback on this. I have looked everywhere and it seems that nobody has actually given criteria for impact levels in the risk log.

Many Thanks,
Jeremy