Let’s take a look at what risk is:

Risk is defined by Websters as a noun 1. exposure to the chance of injury or loss; a hazard or dangerous chance.  It is further defined in an insurance setting as  from among other things “a hazard or chance of loss, the degree of probability of such loss, the amount that the insurance company may lose, . . .”.

In both of these definitions, the focus is on the chance of loss.  the flip side is there is a chance of gain as well which is not mentioned.  Perhaps the better definition is the uncertainty of a result which may be either positive or negative.

We break risk down along the same definitions, so risks that are inherent in operation of the particular organization where there is a chance of loss or gain are referred to as speculative risk or business risk.  Some examples would be loss of profits because of a change in the economy, or a change in the competitive landscape that turns the product or service from a unique item to a commodity, or expanding into a market that doesn’t need the product or service. 

This differs from pure risk or hazard risk that is focused on potential accident losses that are unintended.  It is associated with either loss or no loss,  the opportunity for profit does not typically enter into the equation.  Examples of these types of risks are property, personnel, and  liability.