Island in risky enterprise (4)
I believe the answer is:
skye
'island' is the definition.
(I've seen this before)
'in risky enterprise' is the wordplay.
'in' indicates a hidden word.
'SKYE' is hidden within 'risky enterprise'.
(Other definitions for skye that I've seen before include "Largest Inner Hebridean island" , "Portree's isle" , "Scot. island, toll bridge" , "part of Scotland" , "Destination of a princely boat trip" .)