What does the term 'risk' refer to?

The term 'risk' specifically refers to the possibility of harm that can arise from a hazard. In a practical context, this means evaluating the likelihood of an event occurring that could cause damage, injury, or loss, along with the consequences that could result if that event were to happen. Risk assessment involves identifying hazards and understanding how likely they are to lead to negative outcomes and what those outcomes might entail.

This definition encompasses both the chance of an event and its potential impact. Therefore, option C accurately captures the essence of what risk represents in safety and hazard analysis. It emphasizes that risk is not just about the presence of danger itself, but rather the relationships between hazards and the potential for harm they create in various situations.