Define the difference between risk and hazard in event risk management.

• A. A hazard is a potential source of harm; risk is the probability and severity of that harm occurring, given exposure.
• B. A risk is a confirmed incident that has happened; a hazard is a plan to prevent it.
• C. A hazard is a financial loss; risk is a legal liability.
• D. A risk is the weather forecast; a hazard is a schedule delay.

Answer: (A)

In event risk management, a hazard is anything that could cause harm—a potential source of danger. Risk, on the other hand, looks at how likely that harm is to happen and how severe it would be if it did, given how many people are exposed, for how long, and under what activities. So risk combines the presence of a hazard with the likelihood and impact of harm, considering exposure.

Think of a wet floor as a hazard. It exists whether or not someone slips. The risk emerges when you consider factors like how many people are walking there, how long the floor remains wet, and how severe a slip could be (a minor fall vs. a serious injury). If you surface is dry, signposted, or blocked off, the exposure and the chance of harm drop, lowering the overall risk.

In practice, you identify hazards, assess risk by evaluating likelihood and consequence, and then apply controls to remove or reduce the hazard or exposure—such as fixing the floor, using mats, clear signage, staff guidance, and crowd management. This is why the statement that a hazard is a potential source of harm and risk is the probability and severity of that harm, given exposure, is the correct distinction.