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We all have an intuitive feeling for what risk is, but the formal definition of risk has a number of variations. For people who study the subject, risk is often defined technically by
Risk = Probability * Consequences
that is risk is the probability of a bad thing happening multiplied by the consequences that will occur if the bad thing happens.
The main aspects of risk, as a field of study, can be schematically depicted by the "risk triangle".
This shows that understanding risk consists of understanding risk assessment, risk communication, and risk management. Risk assessment includes determining what the risks are present, what their consequences are, and what the probabilities are of their occurrence. Risk communication concerns how information about risk is transmitted to the different people and communities that need to know in a way that it is understood and acted on appropriately. Risk management deals with how the effects of risk are controlled, either by prior planning and actions or by responses to the event. These three aspects are connected by research into each aspect separately and how the aspects interact.
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©2009 Russell Martin