RSK2601 EXAM SUMMARY 2022/2023 TOPIC 1: DEFINITION AND CLASSIFICATION OF RISK Study unit 1: What is risk? 1. Defining risk?  Risk is the deviation or variability of actual results from desired or expected results  The principle in the business world is -that if risk increases, the possible return that is desired will also increase.  Risk management consists of three distinct dimensions: o Generating and utilizing opportunities in situations where a business has distinct advantag...