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OVERVIEW:
•What is Risk •Risk management•Methods for treating risk •Risk management process
 
Risk:
•
Risk— 
Uncertainty arising from the possible occurrence of givenevents.•
Risk - Pure— 
The risk involved in situations that present theopportunity for loss but no opportunity for gain. Pure risks aregenerally insurable, whereas speculative risks (which also present theopportunity for gain) generally are not.•
Risk - Speculative— 
Uncertainty about an event under considerationthat could produce either a profit or a loss, such as a business ventureor a gambling transaction. A pure risk is generally insurable whilespeculative risk is usually not.•
Event Risk— 
Risk of loss associated with fortuitous occurrences (e.g.,fires, hurricanes, tortuous conduct). Event risk, which is synonymouswith pure risk, hazard risk, or insurance risk, presents no chance of gain, only of loss. The perils covered by traditional property andcasualty insurance products are within the realm of event risk.
 
Risk Management:
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Risk management— 
The practice of identifying and analyzing loss exposuresand taking steps to minimize the financialimpact of the risks they impose. Traditionalrisk management, sometimes called"insurance risk management," has focusedon "pure risks," but not business risks (i.e.,those that may present the possibility of lossor gain).
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