The chance, high or low, of somebody being harmed by a hazard, and how serious the harm could be.
Risks, which are significant, are those that are not trivial (insignificant) in nature and are capable of creating a real risk to health and safety which any reasonable person would appreciate and would take steps to guard against.

For further information about risk and assessing risks click link
Dealing with Hazards and Risk Assessment in Path Construction.
For comprehensive information about risk assessment, how to make a risk assessment and sensible risk management and FAQs click link Risk Management (Health and Safety Executive).
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