This clearly defines risk by its harmful elements. Matthias Haller, a professor at St. Gallen, sees two simple components - risk of action and risks of condition. Guinness PLC expands the list to include brand equity, customer satisfaction, product quality, catastrophe, regulatory, cultural and trade war risks. We need a more inclusive definition. He thinks this implies a passive acceptance of the reality of risk.
All risk requires some form of management.
I suspect part of this can be attributed to my early insurance upbringing. Insurance seldom eliminates risk although it all too frequently gives the illusion of doing so. We create risks by our actions and we must accept responsibility for their effects, favorable or unfavorable. This serves to reemphasize that risk management remains an evolving discipline, one that affects almost every aspect of organizational management. I think that this is excessive.