The difference between hazard, risk and risk assessment?

A hazard is something that can cause harm, e.g. electricity, chemicals, working up a ladder, noise, a keyboard, a bully at work, stress, etc. A risk is the chance, high or low, that any hazard will actually cause somebody harm.Risk assessment is a term used to describe the overall process or method.

In issuing credit cards we need to check all the financial status of the client if he or she is capable of and to avoid hazard or risk assessment in which it will be a hazard to the client if he don't know the rules in using the credit card and will be at risk if he continuously use the cards against the terms and condition. Hazard is like a warning and risk as it is already used wrongly.

Giving Credit Cards to Minors can treated as Hazard, as they might not be aware of how to you utilize, which will become turn to Risk, as account might gone Delinquent and there after to NPA / Bad Debt

While issuing credit cards company does assessment whether to provide card to an individual, and thier Financial health check, which is nothing but Risk Assessment.