I know what you're asking but I, for one, am afraid that depending on 'how' you take what I write, you may get a false sense of security. So, what I'll say is just my opinion and I'll leave it up to you to research and decide for yourself the level of risk/security that you're willing to take/live-with.
First, you want to educate yourself on the material in question. I've provided a few links below for you to peruse. By reading about the material from a few sites, you'll get to 'hear', basically, the 'same thing' from multiple sources BUT in different words. (What might be a bit confusing at one WEB site may become clear at another, if you know what I mean.) Once you've educated yourself about the material, then you need to evaluate the existance of this material in your 'life' and 'around your children'. I would think that you, as a grown adult and parent, would understand all this more so than a child. I'm sure you can warn a child about the 'dangers' of this material but will they understand? Will they stay away from it? Will they want to 'explore' it?
I had asbestos cement shingles on my home but removed them and resided with vinyl. I didn't do it because of my children (although I didn't have any at the time.) I did it for value, and for all the 'things' that the word 'asbestos' conjures up whenever you say it. For starters, start by 'watching' your children around the house/building. If they are 'exploring' the material, go wash their hands and see if telling them something along the lines of, "Don't touch/mess with the siding. If you do, it will start falling all over the place and Mr. So-and-So (the landlord) will get upset every time he has to come by to fix the wall. And when they 'fall off', the house can leak when it rains and your 'stuff' will get wet and ruined and we'll have to throw it away." Talk and explain to them in 'terms' they can understand. Tell them that just to be 'safe' don't go playing near the walls or hiding in the bushes there and so on. If this doesn't work, you need to come up with some other 'ideas' on how to keep the kids away from the walls. If it were me, I'd just 'herd' them for a while until they get use to playing 'away' from the walls. YOur vigilance will be necessary for a while, or even longer. At my house, fortunately, the only time the kids would have been 'around' the walls is when they're walking from the back of the house to the front, and vice-versa. Just keep them moving! AND, if they see a broken piece on the ground, have them call you right away so Mr. So-and-So doensn't get it first. (You know, he'll get really MAD if he finds it first.) Tell them NOT to touch it but just get you. Then, you can 'dispose' of it. It's OK to throw pieces in the trash.
Here are the links I mentioned earlier. If you have any more ?'s, and you think 'we' can be of any help, post up. My best to ya and hope this helps.