The DifferenceA 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 #1A 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 #2A smoker has a 5% risk of developing a particular cancer in their lifetime. The act of smoking is a hazard to health.
Example #3A city has a 10% risk of a large earthquake over the next ten years. A fault line is an earthquake hazard.
Example #4A particular aircraft has a 0.0005% risk of an engine failure in a year. A design flaw in an engine is a hazard.
Example #5A 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.