What is the difference between a known and unknown risk?

A known risk is one that has been identified and assessed, allowing for the implementation of strategies to mitigate or manage it. In contrast, an unknown risk refers to potential threats or uncertainties that have not been recognized or evaluated, making them more challenging to prepare for. Known risks can be planned for and managed, while unknown risks may lead to unforeseen consequences and require adaptive responses. Understanding both types is crucial for effective risk management.