Definition of Project Risk?

A project risk is an unforeseen occurrence that may or may not occur throughout the course
of the project. Unlike our common understanding of the term "risk," a project risk might have
a positive or negative impact on the project's progress toward its goals.

Negative risks 
A project risk is an unplanned event that may or may not occur during the project's life cycle.
A project risk, contrary to popular belief, can have a positive or negative impact on the
project's progress toward its objectives.

  Positive risks
Positive risks, on the other hand, are all events outside of the organization's control that can
benefit the company and are typically leveraged to benefit the project.