The House of Rothschild 50 years after the Bank of England opened it's doors, Amschel Moses Bauer, an 18th century German Jewish moneychanger and trader in silk cloth in the ghetto called "Judengasse" or Jew Alley in Frankfurt am Main, Germany, opened a coin shop a counting house in When his son 'Amschel Mayer Bauer' inherited the business, he decided to change his name to 'Rothschild'. He soon learned that loaning money to governments and kings was more profitable than loaning to private individuals.
Definitions[ edit ] Firefighters at work The Oxford English Dictionary cites the earliest use of the word in English in the spelling of risque from its from French original, 'risque' as ofand the spelling as risk from It defines risk as: Exposure to the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility.
This definition, using project terminology, is easily made universal by removing references to projects. This concept is more properly known as the 'Expectation Value' or 'Risk Factor' and is used to compare levels of risk The probability or threat of quantifiable damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.
The possibility that an actual return on an investment will be lower than the expected return. A situation where the probability of a variable such as burning down of a building is known but when a mode of occurrence or the actual value of the occurrence whether the fire will occur at a particular property is not.
The probability of a loss or drop in value. Trading risk is divided into two general categories: Also called market risk. Also called non-market risk, extra-market risk or diversifiable risk. Product of the consequence and probability of a hazardous event or phenomenon.
For example, the risk of developing cancer is estimated as the incremental probability of developing cancer over a lifetime as a result of exposure to potential carcinogens cancer-causing substances.
In this definition, uncertainties include events which may or may not happen and uncertainties caused by ambiguity or a lack of information. It also includes both negative and positive impacts on objectives. Many definitions of risk exist in common usage, however this definition was developed by an international committee representing over 30 countries and is based on the input of several thousand subject matter experts.
Other[ edit ] Very different approaches to risk management are taken in different fields, e. Risk can be seen as relating to the probability of uncertain future events.
In computer science this definition is used by The Open Group.
References to negative risk below should be read as also applying to positive impacts or opportunity e. The related terms " threat " and " hazard " are often used to mean something that could cause harm.
Practice areas[ edit ] Risk is ubiquitous in all areas of life and risk management is something that we all must do, whether we are managing a major organisation or simply crossing the road.check your vocabulary for english for the.
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