The common definitions of risk, either by dictionaries or every day usage, associate several different meanings to risk.

The most define Risk as a possibility of loss, the loss itself, or any characteristic, object or action that is associated with that possibility. Probability and loss are the two main attributes of risk.

The Risk Analysis is mainly defined as:

• A systematic use of available information to determine how often specified events may occur and the magnitude of their consequences.
• A systematic approach for describing and/or calculating risk. Risk analysis involves the identification of undesired events, and the causes and consequences of these events.

The Risk Assessment is:

• The overall process of risk analysis and risk evaluation
• The culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects.

The Risk Management Process is the systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risk.

The Risk Evaluation is the process used to determine risk management priorities by comparing the level of risk against predetermined standards, target risk levels or other acceptance criteria.

The Risk Evaluation is the process used to determine risk management priorities by comparing the level of risk against predetermined standards, target risk levels or other acceptance criteria.

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