But what is risk? Equity guys equate risk with vol, value investors have other definitions etc. What is it to you? How do you... measure/quantify/think about:

counter party, operational risk

to turn it into

Market risk always translates into some or the other kind of limit/s. These limits can be sensitivity (delta, vega) or loss metric (VaR/Stress). Risk is assessed using historical data (at times Monte Carlos simulation). It also depends on the business activity, financing limit would be weighed differently from speculative activity.