Terminology: Hazard Vs. Risk
Hazard: A condition or event that puts something or someone in a position
of loss or injury, or in position of potential loss or injury
Risk: A measure of the threat generated by the event – the probability of a
particular hazard occurring multiplied by the impact or consequence of the
hazard. Impact is governed by the exposure and vulnerability of human
society to the hazard.
Risk thus integrated probability (likelihood) and impact (severity)