A risk is defined as any factor, event or influence that could threaten the successful implementation of a project in terms of time, cost, achievement of revenue estimates, and quality.
Risk Management and Contractual Issues, Partnerships Victoria, defines risk as - "Risk is the chance of an event occurring which would cause actual project circumstances to differ from those assumed when forecasting project benefits and costs"
The principal responsibilities in an infrastructure project include design, construction, operation, maintenance, revenue collection, arranging finances, and legal and physical ownership of the assets. As a part of project structuring (Refer Module 11), a comprehensive analysis of risks in the project would need to be carried out and addressed so that the project gets "de-risked" to the extent possible.