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Risk refers to the potential negative impact that may arise from some present or future event. In common usage, it has become synonymous with the probability of a loss or threat. There are different definitions of risk, and its measurement can be difficult, but industries that are risk-sensitive use the equation: Risk = (probability of the event) x (consequence). Thus, the harsher the loss and the more likely the event, the worse the risk. What role does framing play in risk assessment?