Risk Management

Risk Community: What is your working definition of risk, and why do you like your definition? Have you found the primer definitions helpful, and how can we improve?

The ASCE is struggling to develop a coherent, cogent definition of risk, and your practical feedback will go a long way in helping to get this unlocked.

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Mitch Winkler P.E.(inactive), M.ASCE
Houston, TX
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I came upon this simple definition of risk in a technical safety auditing course years ago.  It will not work for everyone, but it spoke to me. This plus Kaplan and Garrick's triplet (see Primer) elevated how I manage and communicate risk. What is your go to definition?

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Mitch Winkler P.E.(inactive), M.ASCE
Houston, TX
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Hamad's definition is a good one. 

Risk can be defined as the volatility of unexpected outcomes (Jorion). 

There are many risks facing a business, an infrastructure project or an investment. They can be financial, logistical, regulatory, human resources, environmental and other risks.  The quantity used to measure risk varies by domain. 

In the investment world, risk is the volatility of returns. The common metrics used to measure it in this space are standard deviation, Value at risk, and expected loss. 

In the project management context, one can define risk as the uncertainty of meeting deadlines, or meeting the budget, the availability of resources, permits etc. 

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Kishore Yalamanchili Ph.D., EIT, M.ASCE
Director
Princeton NJ
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Original Message:
Sent: 06-29-2026 02:40 PM
From: Mitchell Winkler
Subject: Risk Community: Please Help Us

I came upon this simple definition of risk in a technical safety auditing course years ago.  It will not work for everyone, but it spoke to me. This plus Kaplan and Garrick's triplet (see Primer) elevated how I manage and communicate risk. What is your go to definition?

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Mitch Winkler P.E.(inactive), M.ASCE
Houston, TX
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Here's your chance to earn a gold star in the CoP!!!

Bill Mc, you already have your star :)

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Mitch Winkler P.E.(inactive), M.ASCE
Houston, TX
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Risk is the effect of uncertainty on the achievement of objectives, whether resulting in threats, opportunities, or a combination of both. Effective risk management is not about eliminating uncertainty, but about making informed decisions that optimize value.

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Hamad Alrakah R.Eng, C.Eng
Director of Projects Strategy & Relations
Jeddah
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