The product of these two factors, namely hazards and exposure and their respective consequences and likelihood are taken together to produce an estimate of the risk posed by a novel LMO.

The exposure pathway from the hazard to the receptor and the possible exposure scenarios form important additional elements in understanding risk. Ascribing the probability and consequences of exposure of a receptor to the hazard characterizes the risk. All these elements must be evaluated to form an effective and useful risk assessment for specific scenarios (UNEP Division of Technology, Industry and Economics, website).

A simple example can be used to distinguish hazard from risk: acids may be corrosive or irritant to human beings (=hazard). The same acid is a risk to human health only if humans are exposed to it without protection. Thus, the degree of harm caused by the exposure will depend on the specific exposure scenario. If a human only comes into contact with the acid after it has been heavily diluted, the risk of harm will be minimal but the hazardous property of the chemical will remain unchanged (EEA, 1998).