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2007 | OriginalPaper | Chapter

The Science of Risk Management

Author : Imad A. Moosa

Published in: Operational Risk Management

Publisher: Palgrave Macmillan UK

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In its broadest sense, risk means exposure to adversity. The Concise Oxford Dictionary defines risk to imply something bad, “the chance of bad consequence, loss, etc.” Webster’s defines risk in a similar manner to imply bad outcomes, “a measure of the possibility of loss, injury, disadvantage or destruction”. Following the Concise Oxford Dictionary, Vaughan (1997) defines risk as “a condition of the real world in which there is an exposure to adversity”.

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