"Hazard" has to do with the likelihood of a harmful event. "Risk" then deals with the magnitude of the harm done if the hazard comes to fruition.

Not so.

A hazard is defined as a potential source of harm.

Risk is a combination of the likelihood of harm occuring and the severity of that harm. (in other words risk has two components).

There is rarely such a thing as "zero risk" in anything involving human endeavour despite the inclination of politicians and others to wish it so.

Risk management, while a systematic process, always has a subjective aspect as different situations will have a different balance between risk and benefit. For example, a risky medical procedure might be acceptable if the patient would otherwise die but would not be acceptable for a routine elective procedure. The acceptability of a risk depends on many factors including personal, societal and cultural values. Risk management normally involves reducing identified risks but frequently there will be a point where risk reduction beyond a certain point becomes uneconomical.

RS