Risk explained (2024)

FAQs

Risk explained? ›

Risk: The possibility that the occurrence of an event will adversely affect the achievement of the organization's objectives.

Risk is the potential for harm. It is a prediction of a probable outcome based on evidence from previous experience. The nature of risk and harm can vary in daily life, creating different dimensions of risk that are subject to the factors at play in the study.

In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences.

Risk is the probability of an outcome having a negative effect on people, systems or assets. Risk is typically depicted as being a function of the combined effects of hazards, the assets or people exposed to hazard and the vulnerability of those exposed elements.

A risk is the chance of something happening that will have a negative effect. The level of risk reflects: the likelihood of the unwanted event. the potential consequences of the unwanted event.

1. : possibility of loss or injury : peril. 2. : someone or something that creates or suggests a hazard.

She risked her life to save her children. He risked breaking his neck. The company is risking the loss of millions of dollars. It's not wise to risk traveling so soon after surgery. He risked all his money on starting his own business.

Risk isn't a bad thing. In order to achieve your goals you will need to take risk, just makes sure it's an appropriate level of risk that you can handle.

What is the deeper meaning of risk? ›

Risk: “Potential danger, inherent in a situation or activity which may be anticipated to some extent.” “ Probability that a future event, of undetermined duration, may cause the loss of an object or other damage which does not depend exclusively on the parties involved"

What is risk? Risk is the chance or probability that a person will be harmed or experience an adverse health effect if exposed to a hazard. It may also apply to situations with property or equipment loss, or harmful effects on the environment.

Risks can be situations beyond your control, such as inclement weather or public health crises, or emerge due to conflict in the workplace. As a business owner or manager, you can conduct risk management to identify potential hazards and develop strategies to resolve the issues before they materialize.

“Risk is exposure to the consequences of uncertainty. It includes the possibility of economic or financial loss or gain, physical damage, injury to people, delay or non-achievement of planned objectives, as a consequence of uncertainty about the future.

The 7 key principles of risk management—a proactive approach, systematic process, informed decisions, integrated framework, resource allocation, transparency and communication, and continuous monitoring and review—provide the blueprint for an effective risk management program.

Alexei Sidorenko provides an overview of four key criteria that are essential for effective risk management. The criteria are: integrating risk into decision making; strong risk management culture; disclosing risk information; and continuously improving risk management.

Risk taking is any consciously or non-consciously controlled behavior with a perceived uncertainty about its outcome, and/or about its possible benefits or costs for the physical, economic or psycho-social well-being of oneself or others.

He risked his life to save her. She was risking her own and her children's health. risk something on something He risked all his money on a game of cards.

Risk is “the possibility that something bad or unpleasant (such as injury or a loss) will happen.”² A hazard is “a potential source of harm or danger”³ where danger is “something that may cause injury or harm”. ⁴.