Risk reduction means diminishing uncertainties and strengthening the knowledge. There are many ways in which undesirable surprises can be understood and controlled, but the dominating one is the risk approach, on the basis of risk conceptualization, evaluation and risk management. Across time, many progresses have been accomplished in the field of risk, connected not only to the conceptual part, but also to the empirical procedures. Despite this, the premise of this domain is being represented to a substantial extend by theories and practices. This is why it is indispensable to search for trends in the risk framework, to reveal whether further development should be desired and if uncertainties’ consequences are measured properly. The aim of this article is to present an analysis of some fundamental breakthroughs developed in the risk field, with a particular attention on the fundamental concepts. In addition, I also pursued to provide you with new insights on how to assess, perceive, describe and manage the unforeseen situations altogether with analyzing the uncertainty component of risk. To understand the risk has to be in continuous harmony with the acknowledgement element of the same concept.