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Risk vs Hazard

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A risk is a potential for a negative outcome. A hazard is an agent that causes a risk.

The Difference

A risk is a probability of a negative outcome such as a disease. A hazard is a cause of a risk such as a habit that's known to cause cancer.

Example #1

A snowboarder has a 0.005% risk of an injury at a particular ski hill in a day. A tree in in the middle of a steep ski hill is a hazard.

Example #2

A smoker has a 5% risk of developing a particular cancer in their lifetime. The act of smoking is a hazard to health.

Example #3

A city has a 10% risk of a large earthquake over the next ten years. A fault line is an earthquake hazard.

Example #4

A particular aircraft has a 0.0005% risk of an engine failure in a year. A design flaw in an engine is a hazard.

Example #5

A market has a 1% risk of a crash in a year. Excessive debt levels are a hazard to the market.
Risk vs Hazard
A potential for a negative outcome.
A potential cause of a negative outcome.

Risk Management

This is the complete list of articles we have written about risk management.
Acceptable Risk
Business As Usual
Business Impact
Business Risks
Calculated Risk
Cascading Failure
Contingency Plan
Contingency Planning
Disaster Preparedness
Dread Risks
Economic Risk
Financial Risk
Innovation Risk
Investing Risk
Moment Of Risk
Plan Template
Political Risk
Positive Risk
Project Risk
Reputational Risk
Residual Risk
Resource Risk
Risk Acceptance
Risk Analysis
Risk Appetite
Risk Awareness
Risk Capacity
Risk Communication
Risk Contingency
Risk Control
Risk Culture
Risk Estimates
Risk Evaluation
Risk Exposure
Risk Impact
Risk Intelligence
Risk Management
Risk Matrix
Risk Measurement
Risk Mitigation
Risk Monitoring
Risk Objectives
Risk Prevention
Risk Probability
Risk Profile
Risk Reduction
Risk Register
Risk Response
Risk Sharing
Risk Taking
Risk Tolerance
Risk Treatment
Risk Trigger
Risk-Reward Ratio
Seasonal Risk
Secondary Risk
Special Risks
Strategy Risk
Tactical Risk
Technology Risk
Unknown Risks
Upside Risk
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