Risk can be defined in different ways. This is also because every human activity is associated with risk and everyone defines risk in the light of his own peculiar experience. A definition of risk, which is acceptable to one class of people, may not be acceptable to another class of people. So there is no single universally accepted definition of risk.
For example, risk has been variously defined of risk.
1 Risk is the chance of loss
2 Risk is the ability of loss
3 Risk is the deviation of actual result from the expected
4 Risk is the ability of any outcome being deferent from the expected out come
5 Risk is the condition in which a possibility of loss is exists
6 Risk is the uncertainty of loss
For our purpose, we can define risk as uncertainty of loss. That is risk is the uncertainty of loss. This is a simple definition of risk