In 3 to 5 sentences discuss the typical definition of risk?

Answer 1

Risk is typically defined as the potential for loss, harm, or adverse outcomes resulting from uncertain events or actions. It encompasses the likelihood of an event occurring and the consequences associated with that event. In various contexts, such as finance, health, and safety, risk assessment involves evaluating both the probability and impact of potential risks to inform decision-making and mitigation strategies. Ultimately, understanding risk helps individuals and organizations navigate uncertainties effectively.