When is a risk not?

When someone pretends that an uncertain benefit is a 'risk'.

So, let's get this straight, risk represents the probablity of a threat to value and  the cost of that threat materializing.

A risk is a negative thing. Not a positive, no matter what the Taylorist fantasy world of PMBOK says.

An unexpected beneficial effect may come or not, but action to absorb the benefit might be THE risk. Change of WBS, change of activity network, change of skills needed, change of procurement approach, change of finance/funding/budget. That's the problem with an unexpected benefit.

Then, what does the ConOps have to say about this new 'benefit'? What functions does it serve or enable?  What are its strategic/value implications? What is its net value?