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Glossary:Risk
The probability of an event happening times the impact of its occurrence on operations. (Impact is the effect on conditions or people if the hazard is realized (occurs) in practice and potential is the likelihood that the impact will occur.)
Or
The probability of loss or failure. As “risk” is generally associated with the negative outcome, the term “chance” is preferred for general usage to describe the probability of a discrete event occurring. (SPE)
Also
A situation where the relative probabilities are well known.” [Risk is] An ongoing or upcoming concern that has a significant probability of adversely affecting the success of major milestones. [Risk is] The likelihood of variation in the occurrence of an event, which may have either positive or negative consequences.[1]