Risk

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Risk is the likelihood or chance of a certain event occurring. In medical studies, risk is the likelihood of an adverse outcome.

Numerous mathematical models attempt to predict risk, and the insurance industry sells products to guard against individual financial risk.

Michael Crichton wrote: "A mass media society offers its citizens many advantages but accurate understanding of risk is not among them. The media must sell themselves, and they do so by overstatement."

Risk management

See also: Risk management

Risk management is "the continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss." It is an organized method of identifying and measuring risk and developing, selecting, and managing options for handling these risks.