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"variation of risk" is correct and usable in written English.
You can use it to refer to the possibility of high or low risk or different types of risk. For example: "Investors should consider the variation of risk before making investments."
Exact(20)
This is a convenient way of reporting the variation of risk across the continental United States.
The overall model explained 13.5% of the variation of risk perception which is considered a moderate effect size [ 31].
Stratification according to use of anxiolytics and hypnotics did not result in substantial variation of risk estimates between strata.
Null variance of the random coefficient indicated that there was no variation of risk between different birth cohorts.
The difference may be due to the variation of risk factors from one geographical location to another, climatic factors and sampling techniques [ 27].
A single bivariate choropleth map can convey information about geographic variation of risk estimates combined with their accompanying uncertainty (Monmonier 2006).
Similar(40)
Specific statistical methods were necessary to estimate the geographical variation of risks in such small administrative units [ 4- 6].
We also used the extreme quarter risk ratio to assess the ability of the risk prediction tool to predict a wide variation of risks.
Of concern is the public's emphasis on measuring HAIs versus measuring implementation of recommended infection control guidelines, given the variation of risks from institution to institution and the limitations of risk-adjustment in making reported infection rates comparable.
In other respects, in relation to the variation of risks by year of case diagnosis, type of work performed, time since first exposure, or age at first exposure, the patterns were broadly similar (see Supplemental Material, Table S2).
In this study, we investigated the impact of genetic variation on risk of glioma by tumour subtype.
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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