What is the difference between a hazard and a risk?

The correct understanding of the difference between a hazard and a risk is encapsulated in the notion that a hazard is a potential source of harm, while risk refers to the likelihood or probability of that harm occurring. This distinction is critical in safety and risk management as it allows for a structured approach to identifying hazards in any environment and assessing the risks they pose.

Hazards can exist in various forms—such as chemicals, physical objects, or processes—that have the potential to cause injury or damage. On the other hand, risk assesses how likely it is that these hazards will lead to actual harm, considering factors like exposure and vulnerability. Therefore, identifying a hazard alone is insufficient; understanding the risk associated with it is crucial in implementing effective safety measures.

This differentiation helps organizations prioritize safety strategies, enabling them to focus resources on the most significant risks associated with the identified hazards, thereby protecting individuals and assets from potential harm.