Is there any way to be alerted when/if certain risk events occur?

Yes!!  There are two alerts that can be configured by System Admins in System Control > Configure & Schedule Alerts for exactly this purpose.

The first alert will notify users if open items greater than an amount set at a customizable threshold has been open for longer than a customizable number of days.

The second alert will notify users when accounts with a quality score over a customizable threshold is open for one or more consecutive periods.

For both of these alerts, the System Admin can set the hour interval for the notification as well.