It stands for non-financial risk; a type of risk that is not financial in nature. It constitutes all types of...

A type of risk that is not financial in nature. It constitutes all types of risk other than financial risk...

It stands for non-financial risk; all of the risks which are not part of the broad universe of financial risks...

All of the risks which are not part of the broad universe of financial risks (mainly, market risk, credit risk...