The concept of risk has evolved over thousands of years as society has developed. From fear of the unknown to uncertainty and risk, the concept has always been a fundamental part of human existence. As new scientific discoveries are made, the concept of risk continues to evolve. Even as society develops, so the concept of risk takes on new dimensions.

Regular attempts are made to define “risk” as it is perceived in our postmodernist society. Risk practitioners regularly publish their personal definition of the concept, which indicates that there is still little or no consensus on a definition or model of risk. Most of the attempts to define risk unfortunately grapple with just a few of its features.

We hope that the model of risk outlined and verified here will enable risk practitioners to achieve consensus on the precepts of risk. Consensus on the definition and structure of risk will be the next major step towards developing risk management into a fully-fledged and integrated management science.

The discussions in Part Two have shown that risk can be defined and modelled in a way that satisfies all schools of thought. The universalistic model of risk also enables enterprise-wide risk management practices to develop in an integrated manner. The discussions have also shown that the discipline is just as much a process of change management, information management and behavioural science as it is “risk management”.

The richness and the complexity of the concept of risk should be fully understood by all business persons. The corporate world cannot afford to downplay the influence of risk in today's changing world.