A risk is the chance or likelihood (high or low) that someone will be harmed by the hazard together with an indication of how serious the harm could be.
Decide how serious the hazards are and what can be done to reduce the risk of them causing harm.
Let’s take the example of a toddler playing in a paddling pool:
What do we know about toddlers and this stage of development?
Conclusion: They are at risk of slipping under the water during play and the risk of injury could be drowning.
Based on these factors the risk of harm is high
Now let’s look at the example of a toddler tripping over a toy on the floor:
Conclusion: The risk is more likely to be medium