Definition of risk: effect of uncertainty on objectives

Note.1 - An effect is a deviation from the expected-positive or negative

Note 2 - Objectives can have different aspects(such as financial, health and safety and environmental goals) and can apply at different levels (such as strategic, organization-wide, project, product and process)

Note 3 - Risk is often characterized by reference to potential events (2.19) and consequences (2.20), or a combination of these.

Note 4 - Risk is often expressed in terms of a combination of the consequences of an event (including changes in circumstances) and the associated likelihood (2.21) of occurrence.

Note 5 - Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of an event, its consequence or likelihood.

Reference: AS/NZS/ISO 31000 Risk Management-2009