Your question indicates that you are working in a specialized field, financial consulting. In finance, as you know, the word risk has a specialized meaning:
In finance and investing, risk often refers to the chance an outcome or investment's actual gains will differ from an expected outcome or return. Risk includes the possibility of losing some or all of an original investment. ... Quantifiably, risk is usually assessed by considering historical behaviors and outcomes.
-- Investopedia | archive.org
Financial risk is any of various types of risk associated with financing .. Often it is understood to include only downside risk, meaning the potential for financial loss and uncertainty about its extent.
In everyday language, the word "risk" is used more generally.
If you mean a general "chance" of something happening:
Commenter @Ronald Sole suggests this alternative
There is a risk...
this is a very good alternative to change the phrasing and avoid repetition.
If you mean the specialized meaning of "risk", as a term of art(Definition) in your field:
If you are creating a list of different types of financial risk, in a specialized type of text, it is fine to enumerate (LIST) them this way:
The risk exists that the customer will default. (further explanation)
The risk exists that weather will cause crops to fail. (further explanation)
The risk exists that laws will change. (further explanation)
You can equally well use the "there is a risk" formulation:
There is a risk that the customer will default. (further explanation)
There is a risk that weather will cause crops to fail. (further explanation)
There is a risk that laws will change. (further explanation)
If you are not creating a list
If you are not creating a list, but you are using this phrase repeatedly in running text, you can sound more natural by varying the phrasing to avoid repetition. You are correct that it can sound more natural.