In OHS terms, what is the difference between a 'hazard' and a 'risk' in vehicle operations?

1. A hazard is a source of potential damage or harm; a risk is the likelihood that harm will occur
2. A hazard is a type of traffic fine; a risk is a vehicle collision
3. A hazard is an engine part; a risk is the cost of fuel
4. There is no difference; the terms are completely interchangeable