In this chapter, we argue that conceiving of social risk as the risk(s) to businesses conflates social risk with the better known concept of business risk and, in so doing, potentially will have negative consequences for both businesses and host communities. Contributing, then, to a contemporary theorisation of social risk, this chapter is organised in five sections. The present section provides the context of the work, while the following section reviews the literature on risk and discretely conceptualises social risk and business risk associated with mining projects. It also addresses the processes through which impacts and risks are identified. The third section examines the relationships between risks, rights, and impacts, as well as translation mechanisms and what we term ‘mediators’ of risk. The fourth section discusses the consequences of conflating social risk with business risk, while the fifth section concludes the chapter.