Definition: Risk is linked with hazard, ie, it is something that is dangerous/harmful to the environment - animals, plants, to our health etc. Risk is the chance of something happening or not happening.
For example if a person was working in a lab using dangerous chemicals which could, if spilled and splashed, cause serious damage to the eyes, then the risk to that person would be high if they weren't wearing safety goggles; wearing protective eyewear reduces the risk. The same is true in a noisy machine factory - if workers don't wear ear plugs or ear defenders, then the risk of damage to their hearing is high. The degree of risk is to do with the possibility of something happening or not.