Island involved in risky enterprise (4)
I believe the answer is:
skye
'island' is the definition.
(Scottish island)
'involved in risky enterprise' is the wordplay.
'involved in' says the answer is hidden in the clue.
'SKYE' can be found hidden inside 'risky enterprise'.
(Other definitions for skye that I've seen before include "part of Scotland" , "Largest isle of the Inner Hebrides" , "Largest Inner Hebridean island" , "Inner Hebridean isle" , "Scot. island, toll bridge" .)