When it comes to describing actions or ventures that involve danger or uncertainty, the phrase "risky business" is often used. However, there are many synonyms that can be used in place of this phrase to provide a more nuanced description. Some alternative phrases include "dicey proposition," "perilous undertaking," "hazardous endeavor," and "risky maneuver." Additionally, one could use specific words to describe the type of risk involved, such as "financially precarious," "politically sensitive," or "emotionally charged." Choosing the right synonym can help to accurately convey the level and type of risk involved, making it easier to communicate the situation to others.