External Risks are generally something that is uncontrollable by the first party.
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In Contract Law
In contract law, are risks that are produced by a non-human source and are beyond human control. They are unexpected but happen regularly enough in a general population to be broadly predictable, and may be the subject of casualty insurance. Good examples of external risks are natural disasters such as earthquakes and volcanoes.
Insurance adjusters analyze external risks on a normal basis. Measuring risks of the environment is common practice throughout insurance claims. As far as claims go, most external risks, or an "Act of God", are protected by property insurance.
In Project Management
In project management; Risks that are external to the project and the project manager cannot control. Good examples of external risks are changes in government legislation, changes in strategy from senior managers, and the economy.