It is broadly recognized that risk is more than technical risk estimates and probabilities. Failure to recognize and include the uncertainties, knowledge, concerns and values of those affected by the risk problem can have strong negative consequences for the legitimacy and quality of risk management strategies, public trust and behavioral and communicative risk responses. Increased stakeholder involvement, democratic dialogue and analytic-deliberative approaches are commonly seen as means to avoid such consequences. However, many practical attempts at deliberation and inclusion have been shown to be time-consuming, contributing to risk amplification and complicating decision-making. Stakeholder involvement often becomes reduced to an “add on”, limited to a specific stage of, or question in, the risk assessment process or to a separate analysis or document having no actual effect on the risk judgments and risk management decisions. In the present paper, we argue that different and often conflicting risk understandings of various actors complicate the stakeholder involvement attempts; a common understanding of the risk concept is needed to obtain effective stakeholder involvement. A main aim of the work is to show how this type of understanding can be achieved by proper conceptualization and broader framing of the risk problems. The discussion is illustrated by examples related to salmon farming.