While a general definition of risk may not be possible, we should focus on what is important in each field when defining risk. A good example can be found in finance. Risk, measured by volatility, should not just focus on the probability of worse-than-expected returns, but also the probability of better than expected returns. If option traders focus purely on downside risk, they are missing out on opportunities created by risks on the upside, meaning the probability of better- than- expected returns. Similarly, in managing risks, organizations should not restrict its view of risks to merely threats, but also move swiftly to capitalize on any opportunities that arise. This ensures that the organization consider the broad risk universe that affects them. However, to reduce confusion over terms, in this handbook we differentiate risks and opportunities in terms of the type of (positive and negative) impact on the organization.