On Why Practice Needs Generic Guidance on How to Define and Understand the Concept of Risk

Many definitions of the risk term exist, and there is considerable debate about the most suitable ways of conceptualizing and describing risk. This perspective paper discusses the importance of this debate: What is the value of searching for some best knowledge on the topic that can provide guidance for practical use when assessing, communicating, and managing risk? Risk is a basic concept in different types of applications, like insurance, engineering, health, business, and climate change, but is there a need and rationale to make generic conclusions regarding what is the most appropriate knowledge across the applications? Should the fundamental principle not be that different situations call for different definitions? In line with this principle, the best way to conceptualize and describe risk should be determined by the users, taking into account all relevant factors of the situation considered, as well as their insights and experiences using the risk term. The main aim of the paper is to argue that such a pragmatic perspective on risk conceptualization and characterization is anti-scientific and could have serious consequences for the understanding, assessment, communication, and management of risk. Several examples are used to support this conclusion.