Could we use the same concept of story point, and value point to estimate how the implementation of item contribute to handle a risk?
Thanks in advance!
The story point should typically reflect the risk level alongside the amount of work to do and the complexity of it. A common case is when team is pointing a story and dev gives it a 1 because it's simple and takes 30min to do, but a tester gives it an 8 because they notice this change could impact multiple systems if not enough care is provided.
The Story Point helps drive awareness, since most teams try to keep their stories around the same size. When things are outside of that normal range, they can discuss and maybe they will adjust the story or split it to focus on what is known and do research on what is unknown and perform them in appropriate order.
Hopefully that example helps you to mentor the effectiveness of the Story Point towards its purpose and usefulness.
Keep in mind that story points or value points are not mandated, nor are they THE endorsed way to estimate. These are simply tools and there is nothing to say that you cannot use these tools in other areas. In my head, I user story points when I'm looking at various house projects that I have to complete; it makes sense so why not use it?
I wrote an article on this topic about 3 years ago: