The genesis and relationship between the concepts of risk and uncertainty

The article is devoted to a comprehensive study of notion of risk and uncertainty.The research subject is relevant, because there is no common approach of riskdetermination despite there is g row ing demand of economic entities for an effective risk management system. Much attention is given to the origin of risk and uncertainty notions, as well as their evolution in philosophy, science and management. Comparison of risk, uncertainty, opportunity, probability notions and their relationship are established. The authors propose relevant risk definitions which are based on the study of existing terms and can be used in the future research.