On a risk plot or matrix, risk thresholds generally divide:

Per Section 11.7 of API 580:

“Thresholds that divide the risk plot matrix or table into acceptable and unacceptable regions of risk can be developed. Corporate safety and financial policies and constraints or risk criteria influence the placement of the thresholds.”

This confirms that risk thresholds define boundaries between acceptable and unacceptable regions, not simply levels of consequence or probability.