Risk
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Why it matters
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Risk assessment is what turns an abstract, endless list of "things that could go wrong" into a manageable, personal plan. It's also subjective: some people find a threat unacceptable no matter how unlikely (because its mere existence is intolerable), while others ignore a genuinely high-likelihood threat because it doesn't feel like a problem to them. Neither is objectively wrong — threat modeling is a personal exercise.
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Example
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Your phone carrier has the capability to access all your data, but the risk they'd leak it to damage your reputation is low — capability and risk aren't the same thing.
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Distinguish from
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a Vulnerability is the underlying weakness; a Threat is that weakness being acted upon; risk adds a measure of likelihood and impact on top of a threat
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