Just curious, what's "high risk" about taking a ship armed-to-the-teeth to a fight?
The one activity I'd call "higher risk" (not necessarily high risk) is Wing Assassination missions. That's the only activity I can't do reliably, but others can because they're just better pilots than me. Beyond that, Massacre, Assassination, Skimmers, Base Assault, Disable Megaship Turrets, they're all cake when you have high-end gear.
Illegal assassinations tend to be higher risk, as you get notoriety for killing escorts. Great if you don't care about it, but the difficulty goes up massively if you're trying to avoid that.... and the reward here is "not getting notoriety".
And while the risk could be tuned up a degree for other activities, what's higher risk? Getting into a slog with a deadly anaconda when you're in your battleconda, or getting into a slog with that same ship, when you're a mostly-unarmed/unarmored hauler? And as for exploration, while the new rewards are great, I can still outstrip those rewards faster doing combat *if* I take the credit rewards.
On another note, there's a lot (too many) threads about Conflict Zones not paying out enough. The reward isn't credits; it's winning the war. If you look at any mission, taking influence rewards *always* cuts the credit reward by around 60-80%, up to =~ 4m credit deduction.
In my opinion, ED needs to do more of this sort of non-monetary reward. Credits are all well and good, but frankly the *real* rewards are influence, rep, materials and data. But Rep is virtually meaningless, mats and data ephemeral, and influence only relevant if you care about the BGS and stuff. I've said elsewhere, I'd gladly fight in Conflict Zones for free, because it's the outcome that matters, not the credits.
But I'm digressing slightly. There's no risk taking a killing machine into battle, so by extension the reward is low. Other factors weigh in to make some of those combat rewards even less. If there were activities where the goal was not to kill, but to endure, e.g if you needed a combat-heavy ship, but with additional fittings such as recon limpets and hatchbreakers which gimp your tank, and endure a spec ops wing while you operate, or if you had to take out a corvette, but you must be in a viper when you do it, then we can start talking about risk.