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We present a probabilistic framework to assess induced seismicity hazard and risk, while accounting for temporally-varying seismicity rates. The framework is based on the probabilistic seismic hazard assessment and risk assessment that are used extensively for tectonic earthquakes. Dynamic estimates of earthquake rates are produced using a Bayesian change-point approach. The risk framework combines hazard with vulnerability of the exposure and is implemented at a regional level. We implement a stochastic Monte Carlo based approach for our hazard and risk assessments using OpenQuake-engine. We present an application of the framework for Oklahoma, employ a ground-motion prediction equation applicable for the state and perform regional risk assessment for repair cost on the entire state. We also perform sensitivity studies on hazard and regional risk assessments for impacts of earthquake …