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The phrase "perception of risk" is correct and usable in written English.
You can use it anytime to refer to one's evaluation of the potential danger of a particular situation or activity. For example, "My perception of risk when it comes to investing in the stock market is much lower than my brother's."
Exact(60)
Our perception of risk is all wrong.
We magnify perception of risk and discount perception of reward.
"The crisis has meant the perception of risk has changed.
China still faces "considerable challenges" and investors' perception of risk can change abruptly, she said.
Still, the perception of risk may be greater than the reality.
"There's often a perception of risk among older people regarding physical activity", he believes.
There can be danger in reacting to perception of risk, as opposed to the real thing.
A nurse explained that the choice ultimately depended upon her perception of risk.
There's a perception of risk that comes along with radical transparency.
Even more interesting are differences within industries, where the perception of risk drives action.
A unrealistic perception of risk can also be addressed through education.
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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