alt Hacker NewsI thought risk was defined as probability times cost (or at least that is what you are trying to minimize in risk management) -- so if the probability of costs goes up, would not also risk? You don't have to enumerate each specific risk to believe that risks are growing.
I'd say more commonly we say consequence, but I think you can fairly use cost and consequence interchangeably here. They have similar meaning. However, consequence/cost too are subjective. Thus risk is also subjective. Something cannot be objective if its variables are subjective.