The phrase acceptable risk needs to identify who is expected to accept it.

Acceptable risk is an incomplete phrase until it says acceptable to whom. Usually the person doing the accepting and the person carrying the consequence are different, and the calculation is made comfortably at a distance from where the harm would land. The word acceptable hides the transfer.

So ask the missing half of the sentence whenever you hear it. Who bears this if it goes wrong, and did they agree? It is a simple question and it changes a lot of conversations about budgets, staffing, and shortcuts. And when you are accepting a risk on your own behalf, make sure it is genuinely only yours.