A thought on risk

I just had an insight into my approach to risks.

I do not live life reckless. I do take risks but only risks that come under the "acceptable risk" category albeit an acceptable risk at a personal level.

So what is acceptable risk:

"The level of loss a society or community considers acceptable given existing social, economic, political, cultural, technical and environmental conditions.

In engineering terms, acceptable risk is also used to assess structural and non-structural measures undertaken to reduce possible damage at a level which does not harm people and property, according to codes or "accepted practice" based, among other issues, on a known probability of hazard."

source: http://www.unisdr.org/eng/library/lib-terminology-eng%20home.htm

ISDR = International Statergy for Disaster reduction.

What are the criteria that i choose to put events in the "acceptable risk" category in my life ?

At a personal level i assess an event to be in this category if and only if the probablity of failure or something going drastically wrong is 10% i.e. i should be 90% sure that at the end of the action that i take there is a 90% chance that i come out clean.

However this does not mean that I view all events at the same level. Sometimes i do take brazen risks i.e. knowing fully well i shall never be able to contain the repurcussions. Its just a part of my nature i guess.

Brazen Risk : and event that guarentees that there is a 100% chance that i will not come out clean.