Risk: The potential for consequences where something of value is at stake and where the outcome is uncertain, recognizing the diversity of values. Risk sometimes is represented quantitatively as probability of occurrence of hazardous events multiplied by the impacts if these events occur. Risk results from the interaction of hazards and a vulnerable asset or system. Risk can be further broken down into various sub-categories, including the following three entries.
Risk assessment: The qualitative and (or) quantitative scientific estimation of risks.
Risk management: Plans, actions, or policies to reduce the likelihood and (or) consequences of risks or to respond to consequences.
Risk perception: The subjective judgment that people make about the characteristics and severity of a risk.
March 16, 2018