Risk is a measure of the extent to which an entity is threatened by a potential by an Unfortunate event, and typically is a function of:
  • the adverse impact that would arise if the circumstance or event occurs
  • the likelihood of occurrence

In everyday usage, Risk is often used synonymously with the probability of a known loss. Paradoxically, a probable loss can be uncertain and relative in an individual event while having a certainty in the aggregate of multiple events.

Types of Risk#

More Information#

  • [#1] - Risk - based on information obtained 2013