The Notion and Definition of Risk Risk as a Consequence of Uncertainty Feelings Associated with Risk
Risks and Opportunities
| Pure Risk—Loss or No Loss Only
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Speculative Risk—Possible Gains or Losses | |
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Physical damage risk to property (at the enterprise level) such as caused by fire, flood, weather damage |
Market risks: interest risk, foreign exchange risk, stock market risk |
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Liability risk exposure (such as products liability, premise liability, employment practice liability) |
Reputational risk |
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Innovational or technical obsolescence risk |
Brand risk |
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Operational risk: mistakes in process or procedure that cause losses |
Credit risk (at the individual enterprise level) |
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Mortality and morbidity risk at the individual level |
Product success risk |
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Intellectual property violation risks |
Public relation risk |
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Environmental risks: water, air, hazardous-chemical, and other pollution; depletion of resources; irreversible destruction of food chains |
Population changes |
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Natural disaster damage: floods, earthquakes, windstorms |
Market for the product risk |
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Man-made destructive risks: nuclear risks, wars, unemployment, population changes, political risks |
Regulatory change risk |
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Mortality and morbidity risk at the societal and global level (as in pandemics, social security program exposure, nationalize health care systems, etc.) |
Political risk |
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Accounting risk |
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Longevity risk at the societal level |
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Genetic testing and genetic engineering risk |
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Investment risk |
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Research and development risk |
Within the class of pure risk exposures, it is common to further explore risks by use of the dichotomy of personal property versus liability exposure risk.
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