Risks are anything that could go wrong. They are anything that the company would need to consider in moving forward with the recommendation.
As an example, with a merger, risks could be culture clash, regulatory approval, integration costs, merger synergies aren't realized etc.
As another example, any process/operational change comes with risks that your employees will be upset, that the changes cause more disruption than good, that the changes are not successful etc.
Always think about your company, the competition, and the environment in which you operate when considering risks :)
Super important final point: You need next steps. These next steps need to mitigate (i.e. manage/resolve) your risks.
- Cultural issues
- Political risks
- Economic risks
- Labor issues
- Extra costs
- Result not meeting expectations