SPECIFIC RISK
Specific risk, also known as non-systematic risk, represents the price variability of a security that is due to factors unique to that security, as opposed to that portion that is due to systematic risk, the generalised price variability of the related interest rate or equity market. As an example, a US Treasury note would have no specific risk, as it is deemed to have no risk other than movement in interest rates, while a corporate bond would have a degree of default risk as well as more generalised yield curve risk.