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Hazard: something that could potentially cause harm. Risk: the degree of likelihood that harm will be caused.
Every organization has both hazards and risks. Identifying hazards and risks is necessary for risk management. Hazards and risks are often confused with each other.
The most obvious of the reasons why identifying hazards in the workplace is important. It is impossible to remove or mitigate something you are unaware of; once the hazards had identified, they can handle properly, reducing or eliminating the risk of injury or death.
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