风险 (fēng xiǎn) literally combines 风 (fēng, 'wind') and 险 (xiǎn, 'danger' or 'peril'), evoking the idea of an unpredictable, potentially harmful force—like a sudden gust threatening stability. In modern usage, it overwhelmingly refers to 'risk' in financial, business, or strategic contexts: the possibility of loss, failure, or adverse outcomes when making decisions under uncertainty.

The term is neutral and formal, commonly used in reports, contracts, investment discussions, and risk management frameworks. Unlike more general words like 危险 (wēixiǎn, 'danger'), 风险 implies calculated exposure—not just immediate physical threat—but rather a measurable, often quantifiable, probability of negative consequence tied to action or choice. It frequently appears in compounds like 投资风险 (investment risk), 市场风险 (market risk), or 风险评估 (risk assessment).