What is the difference between a hazard and a risk?

The correct answer isB. A hazard is the inherent potential to cause harm, while a risk is the likelihood and impact of that harm occurring. ISO 31000 defines risk as theeffect of uncertainty on objectives, often expressed as a combination of consequences and likelihood. A hazard, by contrast, refers to a source or situation with thepotential to cause harm.

A hazard exists regardless of whether harm actually occurs, while risk considers both the probability of occurrence and the severity of consequences. This distinction is essential for effective risk identification and analysis. Hazards may be sources of risk, but they are not risks by themselves until uncertainty, likelihood, and impact are considered.

Option A reverses the definitions and is incorrect. Option C is incorrect because ISO standards clearly distinguish between hazards and risks. Option D is also incorrect, as hazards are relevant in many risk management contexts, not only safety management.

Understanding this distinction supports ISO 31000’s principle of structured and comprehensive risk management, ensuring clarity when identifying sources of risk and evaluating their potential effects.