The United States Army considers itself descended from the Continental Army, and dates its institutional inception from the origin of that armed force in 1775. As a uniformed military service, the Army is part of the Department of the Army, which is one of the three military departments of the Department of Defense.
Pure risk, also known as absolute risk, is insurable. Speculative Risk: Three possible outcomes exist in speculative risk: something good (gain), something bad (loss) or nothing (staying even). Gambling and investing in the stock market are two examples of speculative risks.
What is 'Inherent Risk' Inherent risk is the risk posed by an error or omission in a financial statement due to a factor other than a failure of control. In a financial audit, inherent risk is most likely to occur when transactions are complex, or in situations that require a high degree of judgment in regards to financial estimates.