Positive risks and opportunities

An opportunity is something entirely different. An opportunity is something that you can CHOOSE to pursue, which may have associated risks. You may be subject to positive and/or negative risks if you choose to pursue the opportunity. Alternatively, you may be subject to positive and/or negative risks if you choose not to pursue the opportunity.

For example the sale of a lottery ticket is an opportunity. If you choose to pursue the opportunity and buy the lottery ticket, you are subject to a negative and a positive risk. The negative risk is that you will not win and lose the money you paid for the ticket. This has a high likelihood. The positive risk is that you will win the lottery. This has an extremely low likelihood."

Answer:

First, let's consider some definitions:

ISO Guide 73, which defines a vocabulary for risk management, defines risk as "effect of uncertainty on objectives". This guide also notes that risk can be positive or negative, characterized by referring to potential events and its consequences, and the likelihood of their occurrence.

For Merrian-Webster dictionary, an opportunity is "a favorable juncture of circumstances" or "a good chance for advancement or progress". In short, an opportunity is a situation with a possible positive outcome.

When we compare the above definitions, a "favorable juncture" refers to a positive effect and "circumstances" are events. Considering the other Merrian-Webster definition, "good chance" is a likelihood and "advancement or progress" refer to positive effects. Then, considering these definitions, opportunities can be a synonym for positive risks.

Second, it is important to note that if you are exposed to a risk, negative or positive, once you are aware of it, you do have choices. You can choose to do nothing (alternatively called "accept the risk"), or you can work on elements of the risk to increase/decrease the chances of its occurrence and/or the impact it may have on you. Pursuing is one way to treat a positive risk/opportunity (also called "risk exploiting"). A joint venture is another way to treat a positive risk opportunity when you look for a partner that can help the positive risk to happen and share the reward.

Considering your lottery example, if you do not buy a ticket you are not exposed to the risk (you do not have the opportunity to win). If you buy one ticket, now you have the opportunity to win (you are exposed to a positive risk). You can decide to do nothing more (not buying other tickets), or buy more tickets, and then you are pursuing the risk/opportunity, by increasing your chances (likelihood).