Exposure is the general word for what you are on the hook for. It can be measured in capital deployed, in notional-exposure, in delta, or in beta-adjusted terms, and the right measure depends on what you are trying to control.
Most blow-ups are exposure failures rather than trade-selection failures. Each individual position passed the risk-per-trade test; together they were one bet on one thing. A book of eight long tech names during an earnings week is a single position with eight tickers.
The discipline is to state exposure in advance and in writing: maximum percent of equity deployed, maximum per sector, maximum overnight, maximum on any single catalyst. Then measure it daily. Exposure that is never measured only gets discovered on the day it matters.
Related: gross-exposure, net-exposure, sector-exposure, concentration-risk