According to ITIL classification risk types can be defined as follows:-

• Operational Risk
• Design Risk
• Contract Risk
• Market Risk

Operational Risk could be the result of the operation problems identified during the regular business processing.

Design risk could be just the outcome the poor design which is deviated from the overall goal.

Contract risk is the problem with the service provider who will make it impossible for the organization to fulfill its service level obligation with its  client.

Market risk  is that where the product or service will not meet the demand of the market.