Risk – a commentary

Abstract

The paper outlines the disarray that exists in the literature and practice associated with risk and risk management, in an attempt to promote discussion on risk and advance the state-of-the-art. The paper outlines the multiple conflicting definitions and usages of the term risk, and proposes a definitive meaning using systems concepts. Risk management is dissected and demonstrated to be but a special case of systems engineering, systematic problem solving or systems synthesis.