Efforts to mitigate bias in faculty hiring processes are well-documented in the literature. Yet, significant barriers to the hiring of racially minoritized and White women in many STEM fields remain. An underreported barrier to inclusive hiring is assessment of risk. Guided by theory from behavioral economics, social psychology, and decision-making, we examine the inner workings of five faculty search committees to understand how committee members identified and assessed risk with particular attention to assessments of risk that became intermingled with social biases. Committees identified and assessed five risks, including candidate interest, candidate disciplinary expertise, candidate competence, candidate collegiality, and the timing and oversight of the search process itself. We discuss implications of risk identification and assessment for effective and inclusive searches.