Almost correct, but you mean 'chance' where you write 'risk':

    Risk = Chance × Impact

The chance of failing an audit initially are high (or medium, present at least). The impact is usually low-ish. It means a bunch of people need to fix policy and set out improvement plans in a rush. It won't cost you your certification if the rectification is handled properly.

It's actually possible that both of your examples are awarded the same level of risk, but in practice the latter example will have its chance minimized to make the risk look acceptable.