the first risk to be aware of is that if you have a positive time to expiry they have vega across all spot levels. if you move the volatility to infinity the price of call is the underlying and the price of put is the strike.
What you mean? If you're investing there is always risk. Volatility is about taking on risk, the more risk you take on the more you get paid. If you want to trade volatility with minimal risk, you would have to trade stocks that hardly ever moved. Of course, this would mean you'd hardly get paid anything, which is pointless.