Balance between...

• Too much risk and too little
• Rashness and overcaution in evaluating risk
• Left brain and right brain in charge
• Short-term and long-term focus
  
• ​Pragmatism and comprehensiveness

Balanced emphasis on...

• Different types of risk: In particular balance means avoiding careless risk overconcentration
  
• "Business as usual" risks versus tail risks
• Measurement (hard) and dialogue (soft)
• Structural levers (roles, responsibilities, checks and balances), processes (what is done when and how), and responsible ​risk culture (mindsets and behaviours).

Risk versus uncertainty?
Much has been written about this, not all of it helpful. The above section uses the language of risk, but the ideas apply using the toolkit of uncertainty management as well. For my take on the distinction between risk and uncertainty, see this blog post. Comments welcome.