Risk management
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Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station
Risk
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In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value, often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".
Firefighters are exposed to risks of fire and building collapse during their work.
Harbor sign warning visitors that use of the walkway is "at your own risk"