Are volatility and risk the same?
No. Volatility is a two-way street. A volatile investment tends to go up or down more than the market as a whole does. Examples of possible volatile investments are long-term treasury bonds or zero-coupon bonds. As interest rates rise, the value of these investments will decrease. As interest rates drop, the value goes up. Market risk is the downside of volatility.
Liquidity risk is a concern for an investor who is planning to use the proceeds of the sale of an investment for another purpose (paying for a child's tuition, his/her income taxes, the closing costs of a new residence, etc.).
Almost all of us have seen the effects of liquidity risk among people who have lost their jobs, been faced with divorces, or need to relocate when there seems to be no market for their current homes.
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