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What is the difference between Risk, Threat & Hazard?
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Answer Posted / munish yadav
Risk: Chance/probability of loss. (quantifiable)
Peril: Cause of loss.
Hazard: Anything that increases the likelihood of loss.
Example1: Smoking (Hazard) increases the likelihood of a
house fire/illness (Loss).
Example2: If a house burns down (Loss), then fire is the peril.
Regards,
Munish Yadav
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