As funny as it may seem, I have heard a wide spectrum of answers regarding this question in the last few weeks. So, I thought I would post this as it has come up time and again.
Definition for risk: The expectation of loss. It’s a function of the probability and the consequences of harm.
As well, Risk Assessment: A report that shows assets, vulnerabilities, likelihood of damage, estimates of the costs of recovery, summaries of possible defensive measures and their costs and estimated probable savings from better protection. A “risk analysis” is the process of arriving at a risk assessment, which is also called a “threat and risk assessment.” A “threat” is a harmful act such as the deployment of a virus or illegal network penetration. A “risk” is the expectation that a threat may succeed and the potential damage that can occur.
Peace 
Reference: Link
Tags: Risk, Risk Definition, Risk Assessment
