- (ISO/IEC Guide 73). The combination of the probability of an event and its consequences.
- (Business Continuity).
The probability that an asset will be harmed due to a specific cause.
An asset which is insured. For example, if you
have a life assurance policy and a homeowner's
policy, the industry considers you and your
house to be risks.
Risk is sometimes separated into pure risk
— where the only possibility to be
considered is that of loss — and speculative risk — where there is a
possibility of gain as well as loss. From a
business perspective, these distinctions are
rarely useful since running a business (and all
the risks that are involved) are speculative risks.
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