Risk meaning

Easy-to-read, question-and-answer fact sheets covering a wide range of workplace health and safety topics, from hazards to diseases to ergonomics to workplace promotion. Download the free OSH Answers app. Search all fact sheets:. The meaning of the word hazard can be confusing. Often dictionaries do not give specific definitions or combine it with the term "risk".

For example, one dictionary defines hazard as "a danger or risk" which helps explain why many people use the terms interchangeably. There are many definitions for hazard but the most common definition when talking about workplace health and safety is:. A hazard is any source of potential damage, harm or adverse health effects on something or someone.

The CSA Z Standard "Occupational health and safety - Hazard identification and elimination and risk assessment and control" uses the following terms:. Basically, a hazard is the potential for harm or an adverse effect for example, to people as health effects, to organizations as property or equipment losses, or to the environment. Sometimes the resulting harm is referred to as the hazard instead of the actual source of the hazard. For example, the disease tuberculosis TB might be called a "hazard" by some but, in general, the TB-causing bacteria Mycobacterium tuberculosis would be considered the "hazard" or "hazardous biological agent".

Workplace hazards can come from a wide range of sources. General examples include any substance, material, process, practice, etc. See Table 1. 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.

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Risk — the combination of the likelihood of the occurrence of a harm and the severity of that harm. Likelihood — the chance of something happening. A general definition of adverse health effect is "any change in body function or the structures of cells that can lead to disease or health problems". The effects can be acute, meaning that the injury or harm can occur or be felt as soon as a person comes in contact with the hazardous agent e.See also genetic risk.

See also empiric risk.

What Is Risk? Definition, Types and Examples

The possibility of suffering harm or loss; danger. Mentioned in? References in periodicals archive? Managing catastrophic risk: getting beyond the insurance crisis; The incidence of catastrophic risk has increased markedly, and insurance rates have risen with it. Some companies are re-examining the issue of self-insurance or even doing without and using their equity base to cover potential risks. In addition, women whose partners had not had any previous partners had a markedly lower risk of becoming infected with HPV relative to their counterparts whose partners had had at least one or an unknown number of previous partners hazard ratio, 0.

Frequent male condom use decreases women's risk of HPV infection. Ridding your project of the risk completely is cost-prohibitive or very difficult, if not impossible. Risky business. ERM establishes a common measure of risk so that different types of risk can be readily compared. It is remarkable and encouraging that political appointees understand such bleeding edge technologies and are focused on gathering counterparty risk data at this level of detail and at this time.

Wall Street's derivatives casino: is today's eerily tranquil scene an illusion? Unfortunately, this approach ensures that the concerns of many individual departments will be left out of the final risk analysis. Business continuity planning: George Mason University's executive enterprise risk management approach has helped in building responses to "what-if" scenarios.

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Naturally, with anything new, there are some uncertainties and riskswhich may not be clear at the beginning. Cyberspace--risks in a networked world: risk management.

What is Risk

SAS replaces the above with "while exercising due professional care, the auditor must plan and perform the audit to obtain sufficient appropriate evidence so that audit risk will be limited to a low level Todd Curtis conducted research in several areas of aviation risk assessment and accident prevention.In danger, as in Their house's location on the San Andreas Fault puts them at risk in the next major earthquake. Legally responsible to pay for loss or damage, as in If he can't keep up with the insurance premiums, he is at risk for any liability claims on the property.

Hazard and Risk

In addition to the idiom beginning with risk. Advertisement top definitions quizzes related content explore dictionary british medical idioms and phrases risk. Take this quiz on the Words of the Day from April 6—12 to find out! Idioms for risk at riskin a dangerous situation or status; in jeopardy: families at risk in the area of the weakened dam. Origin of risk —65; risque risc hi o, of obscure origin.

Words nearby risk rising diphthongrising hingerising rhythmrising signrising trotriskrisk aversionrisk capitalrisk factorrisk life and limbrisk management. Words related to at risk endangeredexposedsusceptiblethreatenedvulnerableimperiled. Derived forms of risk riskernoun. Word Origin for risk C from French risquefrom Italian riscofrom rischiare to be in peril, from Greek rhiza cliff from the hazards of sailing along rocky coasts.

The possibility of suffering a harmful event. A factor or course involving uncertain danger, as with smoking or exposure to radiation. Published by Houghton Mifflin Company. In addition to the idiom beginning with risk risk life and limb. Test Your Word IQ! Play Now.Risk is defined in financial terms as the chance that an outcome or investment's actual gains will differ from an expected outcome or return. Risk includes the possibility of losing some or all of an original investment.

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Quantifiably, risk is usually assessed by considering historical behaviors and outcomes. In finance, standard deviation is a common metric associated with risk.

Learning the risks that can apply to different scenarios and some of the ways to manage them holistically will help all types of investors and business managers to avoid unnecessary and costly losses. In general, as investment risks rise, investors expect higher returns to compensate for taking those risks. A fundamental idea in finance is the relationship between risk and return.

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The greater the amount of risk an investor is willing to take, the greater the potential return. Risks can come in various ways and investors need to be compensated for taking on additional risk.

For example, a U. A corporation is much more likely to go bankrupt than the U. Because the default risk of investing in a corporate bond is higher, investors are offered a higher rate of return.

A high standard deviation indicates a lot of value volatility and therefore a high degree of risk. Academically, there are several theories, metrics, and strategies that have been identified to measure, analyze, and manage risks. Measuring and quantifying risk often allows investors, traders, and business managers to hedge some risks away by using various strategies including diversification and derivative positions. While it is true that no investment is fully free of all possible risks, certain securities have so little practical risk that they are considered risk-free or riskless.

Riskless securities often form a baseline for analyzing and measuring risk. These types of investments offer an expected rate of return with very little or no risk. Oftentimes, all types of investors will look to these securities for preserving emergency savings or for holding assets that need to be immediately accessible. Treasuries, and municipal securities.Project Management, project planning, templates and advice. Microsoft Project Plan templates. Find out more!

Definition Source What all definitions [of risk] have in common is agreement that risk has two characteristics: Uncertainty: An event may or may not happen. Loss: An event has unwanted consequences or losses Idiots Guide to Project Management [Risk is the] Combination of the probability or frequency of occurrence of a defined threat or opportunity and the magnitude of the consequences of the occurrence.

Association of Project Management [Risk is] An ongoing or upcoming concern that has a significant probability of adversely affecting the success of major milestones.

Rational Unified Process [Risk is] The likelihood of variation in the occurrence of an event, which may have either positive or negative consequences.

Risk Analysis and Management of Projects RAMP [ Risk is ] An uncertain event or set of events that, should it occur, will have an effect on the achievement of objectives.

A risk is measured by a combination of the probability of a perceived threat or opportunity occurring, and the magnitude of its impact on objectives.

A risk is measured by the probability of a threat, the vulnerability of the asset to that threat, and the impact it would have if it occurred. Risk can also be defined as uncertainty of outcome, and can be used in the context of measuring the probability of positive outcomes as well as negative outcomes.

Latest edition Managing successful programmes. Support stakeholdermap. What is a Project? Why do we need Project Managers? Why Project Management Fails. WBS Examples. Microsoft Project Plan templates Each template comes with: Microsoft Project plan tried and tested on real projects s of tasks covering the whole project lifecycle. What all definitions [of risk] have in common is agreement that risk has two characteristics: Uncertainty: An event may or may not happen.

risk meaning

Loss: An event has unwanted consequences or losses.The profession McMurtry is likening to wheat farming is film making. Gillers, a law professor, used this simile to discuss the expose of people in the financial world who had been taking the risk out of arbitrage by dealing on specially garnered or insider information.

The allusion is to the very sharp and very thin edge of a straight razor. In this expression, line is a figurative indication of demarcation between two extremes such as success and failure, clarity and obscurity, or debit and credit.

Although originally limited to financial matters such as payment of debts, in contemporary usage lay it on the line usually refers to speaking frankly or risking something of importance. Are you thinking or asking my girl to marry you? Sumner, Chance Encounter It was clear to the President [Nixon] that his credibility was on the line with the leaders of Hanoi.

GuardianMay 9, This expression uses fire figuratively to represent any situation or entity which can be beneficial or useful, but which always holds the potential for harm or disaster. I should like to sound a note of warning … one who plays with fire … can only expect to get burnt. Daily ChronicleOctober 9, In contemporary usage, play with fire is often applied to romantic entanglements or sexual encounters which, by their very nature, carry the risk of moral or emotional distress.

Hartley, The Hireling In the Aesop fable which gave rise to the phrase, the mouth belonged to a wily wolf; a gullible crane inserted its head to extract a bone. Whether or not its origin is this specific, the literal phrase seems clearly to have its roots in horsemanship. The expression is now used almost exclusively in its figurative sense; conceptually it is akin to the well-known saying from Proverbs:.

If the revolver can hold six bullets, the odds are one in six that when the trigger is pulled, the person will kill himself. Although both roulette and Russian roulette are forms of gambling, the stakes in the latter are considerably higher. You can also say that someone risks doing something when they do it even though they know it might have unpleasant consequences.

The possibility of suffering harm or loss; danger.Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.

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IT security threats and data-related risks, and the risk management strategies to alleviate them, have become a top priority for digitized companies. As a result, a risk management plan increasingly includes companies' processes for identifying and controlling threats to its digital assets, including proprietary corporate data, a customer's personally identifiable information PII and intellectual property.

Every business and organization faces the risk of unexpected, harmful events that can cost the company money or cause it to permanently close. Risk management allows organizations to attempt to prepare for the unexpected by minimizing risks and extra costs before they happen. By implementing a risk management plan and considering the various potential risks or events before they occur, an organization can save money and protect their future.

This is because a robust risk management plan will help a company establish procedures to avoid potential threats, minimize their impact should they occur and cope with the results.

risk meaning

This ability to understand and control risk enables organizations to be more confident in their business decisions. Furthermore, strong corporate governance principles that focus specifically on risk management can help a company reach their goals. The importance of combining risk management with patient safety has also been revealed. In most hospitals and organizations, the risk management and patient safety departments are separated; they incorporate different leadership, goals and scope.

However, some hospitals are recognizing that the ability to provide safe, high-quality patient care is necessary to the protection of financial assets and, as a result, should be incorporated with risk management.

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VMPS focuses on continuously improving the patient safety system by increasing transparency in risk mitigation, disclosure and reporting. Since implementing this new system, Virginia Mason has experienced a significant reduction in hospital professional premiums and a large increase in the reporting culture.

All risk management plans follow the same steps that combine to make up the overall risk management process:. After the company's specific risks are identified and the risk management process has been implemented, there are several different strategies companies can take in regard to different types of risk:.

While risk management can be an extremely beneficial practice for organizations, its limitations should also be considered. Many risk analysis techniques -- such as creating a model or simulation -- require gathering large amounts of data.

This extensive data collection can be expensive and is not guaranteed to be reliable. Furthermore, the use of data in decision making processes may have poor outcomes if simple indicators are used to reflect the much more complex realities of the situation. Similarly, adopting a decision throughout the whole project that was intended for one small aspect can lead to unexpected results.

Another limitation is the lack of analysis expertise and time. Computer software programs have been developed to simulate events that might have a negative impact on the company.

risk meaning

While cost effective, these complex programs require trained personnel with comprehensive skills and knowledge in order to accurately understand the generated results. Analyzing historical data to identify risks also requires highly trained personnel. These individuals may not always be assigned to the project.

Even if they are, there frequently is not enough time to gather all their findings, thus resulting in conflicts. These standards are designed to help organizations identify specific threats, assess unique vulnerabilities to determine their risk, identify ways to reduce these risks and then implement risk reduction efforts according to organizational strategy.

The ISO principles, for example, provide frameworks for risk management process improvements that can be used by companies, regardless of the organization's size or target sector.

The ISO is designed to "increase the likelihood of achieving objectives, improve the identification of opportunities and threats, and effectively allocate and use resources for risk treatment," according to the ISO website.

Although ISO cannot be used for certification purposes, it can help provide guidance for internal or external risk audit, and it allows organizations to compare their risk management practices with the internationally recognized benchmarks.

The ISO recommends the following target areas, or principles, should be part of the overall risk management process:. The ISO standards and others like it have been developed worldwide to help organizations systematically implement risk management best practices. The ultimate goal for these standards is to establish common frameworks and processes to effectively implement risk management strategies.

These standards are often recognized by international regulatory bodies, or by target industry groups.