Risk is often defined as a combination of the probability of occurrence of a damage and its gravity. For Frank Knight, an early significant author on risk management, risk refers to situations by which the decision maker assigns mathematical probabilities to random events which he faces. Risk is also defined as a variation in the results (outcomes) which can occur over a predetermined period in a given situation. Risk is also a function of the distribution of the variance of the probabilities. The majority of the definitions of risk integrate some element of subjectivity, according to the nature of the risk and the field in which the definition applies. I propose here an operational definition of risk based on on-going research. Read more

The Leger Research Fundation (LRF) is a non-profit organisation (NPO) located in the Hochelaga-Maisonneuve district of Montréal doing research in IT risk management and privacy.

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