The risk that the value of a security will change due to issuer-specific factors and applies to interest rate and equity positions related to a specific issuer is:

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Specific risk, also known as unsystematic risk, refers to the risk that is unique to a particular security or issuer, such as a company-specific event like a merger or a bankruptcy. It is separate from general market risk or systematic risk, which affects all securities in the market. Beta measures systematic risk, while total risk encompasses both systematic and specific risk.

The Risk That the Value of a Security Will Change