Jurisdiction(s):
United Kingdom

Key definition

risk definition

What does risk mean? In legal practice, risk describes the possibility that a reasonably foreseeable circumstance or event could adversely affect legal rights, regulatory compliance, business operations, or the security of systems and data. The term is widely used across legal contexts, with certain regimes articulating it expressly. Cybersecurity: In the EU NIS2 framework (as transposed in Ireland), risk means any reasonably identifiable circumstance or event having a potentially adverse effect on the security of network and information systems. In the UK, the Network and Information Systems Regulations 2018 adopt a comparable risk‑based approach to security and incident handling; while “risk” is not defined as...

From risk appetite to risk registers: an in-house lawyer's guide to identifying, evaluating and managing business risk

Published by a LexisNexis Risk & Compliance expert

Practice notes

Among business people, lawyers often carry a reputation for risk aversion. In-house and Compliance counsel cannot be excessively cautious—they must recognise risk, determine where it lies and respond proportionately. If they do not, they risk becoming a needless barrier within the organisation, blocking sound commercial plans and estranging themselves from colleagues...

In-house lawyers and compliance specialists handle legal and regulatory risk every day. To maximise your contribution, you should also take part in assessing and managing your organisation’s non-legal risks. This Practice Note offers guidance on identifying and evaluating risk across the business. Managing risk is not a single task—it is an ongoing discipline, illustrated below...

This Practice Note covers the following stages from the lifecycle:

establish the organisation's risk appetite—see Precedent: Risk appetite statement
gather risk information from internal stakeholders—see Precedent: Risk questionnaire
review available risk information to identify risks—see Precedent: Risk audit
evaluate and record risks—see Precedent: Risk register

What is risk?

A widely accepted definition is: Risk = impact x probability. Therefore, for any given risk faced by your business, there are two questions...

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Web page updated on 21/05/2026

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