Risk is the potential for negative consequences where something of value is at stake. In the context of assessing climate impacts, risk refers to the potential for adverse consequences of a climate-related hazard. Risk can be assessed by multiplying the probability of a hazard by the magnitude of the negative consequence or loss. 

For example, the risk of extreme heat exposure to a subsection of a city's population might be evaluated by examining projections of extreme heat and the number and sensitivity of people or other assets that are potentially exposed to extreme heat events. Evaluating sensitivity could entail identifying populations that may be particularly sensitive to heat, identifying housing stock with poor or no climate control, and/or identifying whether there are sufficient cooling centers to assist those without access to cooling at home.