Brilliant Student Riddle

There was once a college that offered a class on probability applied to the real world. The class was relatively easy, but there was a catch. There were no homework assignments or tests, but there was a final exam that would have only one question on it. When everyone received the test paper it was a blank sheet of paper with a solitary question on it: 'What is the risk?'.Most students were able to pass, but only one student received 100% for the class! Even stranger was that he only wrote down one word!
What did he write?




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It's pretty hard to give up.
If you remove a part of it, you will be left with a bit.
Even if you remove another part, the bit still remains.
Remove one more and it still remains.

What is it?

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