Can we interchangeably deploy a HIDS or HIPS instead of a NIDS/NIPS, what would be the risks, for example you have Symanetec EPS modules with HIPS policies enabled how are they different from a traditional NIPS or HIPS?
No, you cannot interchangeably deploy HI?S versus NI?S. They attack different subsets of the same problem.
Most simply N* is limited to network inputs, whereas H* has access to a far richer set of inputs (files! processes! network listeners!) to be judgmental about (and has less network visibility, so usually doesn't have the rich network parsing and signature set that a N* does).
See also Can Snort be configured as HIDS?.
That said, if your concern is satisfying an auditor or security requirements that say HIDS/NIDS, then either will do - such requirements are often written solely with the goal of making sure you're taking extra steps to secure yourself, not with the goal of dictating one technology or another.