On the link between risk and exposure

Abstract: There exist a number of definitions of the concept of risk. Very few of them directly express how “exposure” and “risk exposure” are connected to the risk. Clearly there is a connection, but it is not evident how these concepts are related. In this paper we provide an in-depth study of this issue. A model is presented which links risk sources, hazards/threats and exposed systems. Using this model, it is shown how the concepts of exposure and risk exposure can be given plausible explanations for some common risk perspectives. The model provides new insights on some main perspectives on risk used for risk assessment and risk management. A set of adjusted risk definitions, all reflecting the exposure dimension, is considered. The principal aim of this paper is to contribute to a clarification of the issue in order to strengthen the foundations of the meaning and characterisation of risk, and in this way provide a basis for improved risk management. [Copyright &y& Elsevier]