Here are the simple way that helps you to differentiate between "severity" and "risk".
Severity describes the highest level of damage possible when an accident occurs from a particular hazard; (and) Risk is a combination of probability and severity.
Severity, is often, described using CVSS score; and thus many may not notice that there are some blind-spots if you are using CVSS score as your risk score.
Links:
- https://myseq.blogspot.com/2021/06/blindspot-in-using-cvss-for.html