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"not without risk" is perfectly correct and usable in written English.
This phrase is often used to refer to something that has potential for danger or trouble. For example, you could say, "Investing in the stock market is not without risk."
Exact(53)
But they are not without risk.
But the offerings are not without risk.
Their expansion efforts are not without risk.
Genetically engineered plants are not without risk.
"We are not without risk," he says.
The previous timetable was not without risk.
This strategy is not without risk.
But it is not without risk.
The strategy is not without risk.
However, the surgery is not without risk.
But such growth is not without risk.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com