But I’ve been saying for decades that “risk” is not the chances of something happening, which is how most people understand it. Risk is (the chance of something happening) x (the consequences of it happening).
Imagine a 2x4 beam, 24’ long, lying on the floor, and I tell you to walk along the top of it without touching the floor. If you do, I’ll give you a sherbet lemon.
Now imagine it’s a 2x4, 24’ long between two office buildings, the one you’re in is on fire and this is the only way out.
The chances of you falling off the beam are the same (within a margin of error, assuming a non-windy day, etc. etc), but the risk to your life is much much higher in the second case.
Risk encompasses consequence, and it always surprises me how few people understand that in meetings when I’m describing a new approach, or criticizing a new service conformation.