In the context of heavy machinery operation, what distinguishes a 'hazard' from a 'risk'?

In the context of heavy machinery operation, a 'hazard' is a potential source of harm or adverse health effect to a person or persons, while 'risk' is the probability that the hazard will cause harm and the severity of that harm. A hazard is the inherent dangerous property or condition, while risk is the measure of the likelihood and consequence of exposure to that hazard. A hazard is a static potential for harm, while risk is a dynamic assessment of the harm that could occur. For instance, operating a bulldozer near an unprotected trench is a hazard. The risk, however, is the likelihood of the bulldozer causing a trench collapse and the severity of the potential injuries or fatalities resulting from that collapse. Another example is the presence of unguarded moving parts on a machine; this is the hazard. The risk is the chance of a worker getting caught in those moving parts and the potential for injuries such as lacerations, fractures, or amputation. Risk assessment involves identifying the hazards, evaluating the likelihood and severity of potential consequences, and implementing control measures to reduce the risk to an acceptable level. Eliminating the hazard is the most effective way to manage risk, but if this is not possible, other control measures such as engineering controls, administrative controls, and personal protective equipment (PPE) must be implemented.