Risk vs. Hazard (thanks Gerónimo!)

Last class we were talking about their differences and Gerónimo did an excellent job explaining this in terms a layperson can understand.

Hazard is the potential to cause harm; Risk, on the other hand, is the likelihood of harm (it means, the probability of future harm).
A good example to differentiate Hazard and Risk is the regasification ship that came to the petrochemical pole in Bahia Blanca last year. Some people thought that the presence of the ship near the city posed a high RISK to health. It wasn't this way. The presence of the ship represented a HAZARD or DANGER because it has stored inside an explosive gas in large quantities. The population was not at risk because the probability of an explosion happening was very low, or what is called an Acceptable Risk which is a relative term and depends on the control of the hazard to reduce the risk.