What is the difference between a hazard and a risk?

A hazard is any potential source of harm, or adverse effect, to something or someone. Risk is the probability of harm due to a particular hazard.

Hazard identification is an early step in risk assessment, which attempts to comprehensively identify all the characteristics or conditions that might possibly lead to the occurrence of a negative outcome i.e. a harm. In a subsequent step, the likelihood of that harm occurring under certain defined conditions and the magnitude (seriousness) of that harm if it did occur are considered together to determine the risk due to that hazard. Thus, during risk assessment, it may be determined that an identified hazard does not pose significant or unacceptable risk.

For more information: https://www.youtube.com/watch?v=_GwVTdsnN1E