In risk management terms, what does risk refer to?

In risk management, the term "risk" specifically refers to the exposure to a hazard. This encompasses the likelihood of an adverse event occurring due to the presence of a hazard and the potential consequences that arise if that event occurs. Understanding risk involves evaluating how often a hazard might lead to negative outcomes and the severity of those outcomes.

By focusing on the exposure to a hazard, risk management aims to assess and mitigate the potential impacts on health and safety. It considers both the frequency and magnitude of possible incidents, providing a comprehensive view of how risks can affect individuals or operations.

The other options do not encapsulate the full definition of risk within this context. While the potential for injury highlights a possible outcome of risk, it does not address the probability or exposure aspect. The certainty of a hazard implies that a hazard will definitely cause problems, which does not align with the concept of risk, which inherently involves uncertainty. Finally, the management of incidents refers to actions taken after an adverse event has occurred, rather than addressing the risk before it manifests.