Risk of an asset = Rf + Beta (Rm - Rf) Explain the components of the equation?

Rf  is the rate of return on a risk free security or rate applicable to government bonds

Beta is the beta factor or how a security or asset deviates from the market expectation

Rm is the rate of return of the market

(Rm - Rf) is the premium or discount ie the difference between the market rate and the risk free rate