Precipice (noun)

1. A very steep or vertical cliff or drop, especially one at the edge of a mountain or canyon.
2. A dangerous or precarious situation.

Origin:

From latin praecipitium, from praeceps ("headlong, stee.p")

Examples:

1. The trail went along the edge of the precipice, with a steep drop on one side.
2. He stood at the edge of the precipice, looking down at the valley below.
3. The hikers were warned to stay away from the precipice because of the danger of falling.
4. The view from the precipice was breathtaking.
5. The company was on the brink of a financial precipice, but managed to recover.