The term risk refers to the potential loss, harm or failure that may occur as a result of an action taken. It is often associated with uncertainty and unpredictability, where the outcome of an event cannot be accurately predicted due to various factors such as lack of information, unknown variables, or external influences. Risk can also refer to the probability of something happening, which is usually expressed in percentage terms. In essence, risk involves taking a chance on something with uncertain outcomes and accepting potential losses or failures as part of the process.