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Risk is a concept that denotes the precise probability of specific eventualities. Technically, the notion of risk is independent from the notion of value and, as such, eventualities may have both beneficial and adverse consequences. However, in general usage the convention is to focus only on potential negative impact to some characteristic of value that may arise from a future event. The term risk only emerged in the modernity. "In the Middle Ages the term riscium was used in highly specific contexts, above all sea trade and its ensuing legal problems of loss and damage."[1] In the vernacular languages of the 16th century the words rischio and riezgo were used.[1] In the English language the term risk appeared only in the 17th century, and "seems to be imported from continental Europe."[1] When the terminology of risk took ground, it replaced the older notion that though "in terms of good and bad fortune."[1] Niklas Luhmann (1996) seeks to explain this transition "Perhaps, this was simply a loss of plausibility of the old rhetorics of Fortuna as an allegorical figure of religious content and of prudentia as a (noble) virtue in the emerging commercial society."[2] Governments are apparently only now learning to use sophisticated risk methods, most obviously to set standards for environmental regulation, e.g. "pathway analysis" as practiced by the United States Environmental Protection Agency. There are many definitions of risk that vary by specific application and situational context. One is that risk is an issue, which can be avoided or mitigated (wherein an issue is a potential problem that has to be fixed now.) Risk is described both qualitatively and quantitatively. In some texts risk is described as a situation which would lead to negative consequences.
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