Risk is unavoidable and present in every human situation. It is present in daily lives, public and private sector organization that depends on the context or situations such as insurance, business, finance, Economic, securities trading, workplace, food industry, a probability or threat of damage, injury, liability, loss or any other negative occurrence that is caused by external or internal vulnerabilities and etc. Risk refers to the uncertainty that surrounds future events and outcomes.

It is the expression of the likelihood and impact of an event with the potential to influence the achievement of an organization’s objectives. Risk can be anything that may affect the achievement of an organization or department’s objectives. In a personal sense, we all make decisions based upon an assessment of risk. It can be an upcoming activity that has never been before and therefore the outcome or duration is very uncertain, it can be potential loss or it can be the unknown status of funding to an upcoming project. Overall, it is related to a system or an activity for which several hazardous events may occur.