Hazard and risk are sometimes used interchangably but actually reflect different factors in risk assessment.
A hazard is a threat to (ability to harm) a person or other entity.
The risk to the person or entity depends on:
(1) how likely a threat is to occur, based on:
(1a) probability of hazard occurring
(1b) frequency of exposure or occurrence (probability of being exposed)
(1c) vulnerability
(2) how much impact the threat poses (harm), based on:
(2a) economic loss (value)
(2b) morbidity and mortality
(2c) social determinants
