A claim, contingent claim or position (short or long) which carries a risk of financial loss (and its corresponding revenue generation or profit making potential).

In finance and investing, exposure refers to the amount of money that an investor has invested in a particular position, instrument, asset, etc. It represents the amount of money that an investor could lose, stands ready to lose, on an investment against the potential, desired benefits from its involvement with it.

Financial exposure can be expressed in absolute terms (as an amount), or as a percentage of an investment (collection of assets, or portfolio).