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‘A Hazard is a potential source of harm or adverse health effect on a person or persons’ ‘risk is the likelihood that a person may be harmed or suffers adverse health effects if exposed to a hazard.’
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.
