What is the difference between hazard and risk?

Hazard: A hazard can be defined as a dangerous process, phenomenon, substance, activity or condition that may cause loss of life, injury or other health impacts, property damage, loss of livelihoods and services, social and economic disruption, or environmental damage.​

Risk: A risk, on the other hand, the potential for consequences where something of value is at stake and where the outcome is uncertain, recognizing the diversity of values Risk sometimes is represented quantitatively as probability of occurrence of hazardous events multiplied by the impacts if these events occur. Risk results from the interaction of hazards and a vulnerable asset or system.