A risk is something that could potentially happen. For example, a ladder in the setting would be a risk to children as they can fall off which would be hazardous, e.g the child may suffer from a bump or bruise. It is very important that we ensure that there are very limited or no risks at all to prevent any serious danger.
A hazard is something that is going to cause harm. For example, the caution sign on a wet surface indicates that it could lead to an injury. Therefore, we must adhere to these indications to prevent any harm from occurring.