Risk and risk discussions are often hampered by inconsistent terminology and a high degree of subjectivity.  To overcome this, we need to understand what we mean when we ask 'what is risk?'.  This article lays out a concept for risk using the ISO definition - the effect of uncertainty on objectives.  It breaks individual risks into their three main components: threat, vulnerability and impact for downside risks or opportunity, and exposure and impact for upside risks.  These concepts form the basis for all subsequent risk discussions and lay the groundwork for a risk assessment methodology.

This episode is also available as a blog post: https://andrewsheves.com/2017/02/24/what-is-risk/