MANAGEMENT

Detailed explanation-1: -“A chance or possibility of danger, loss, injury or other adverse consequences” and the definition of risk is “exposed to danger.” However, taking risk can also result in positive outcome. A third possibility is risk related to uncertainty of outcome.

Detailed explanation-2: -Legal Definition risk. noun. : possibility of loss or injury. : liability for loss or injury if it occurs.

Detailed explanation-3: -While including several other definitions, the OED 3rd edition defines risk as: (Exposure to) the possibility of loss, injury, or other adverse or welcome circumstance; a chance or situation involving such a possibility.

Detailed explanation-4: -Consequences are used to determine the criticality of an asset or system. Risk-The possibility that something bad or unpleasant/undesired (such as an injury or a loss) will happen.