Risk – defines an event where the various outcomes are known probabilistically. The fact that a probability can be assigned to each outcome means that the event has moved out of the realms of strategy and into mathematics. This is where hedging and other complex structures come in.
Strategy however deals with a different monster – Uncertainty. strategy attempts to grapple around the unknown. It can attempt to increase murkiness and hence increase the power of an individual or it can also attempt to strategically dilute the uncertainty of a situation.
Priceline – case in point – A clear attempt to accord more power to the airlines company by increasing uncertainty (prices are shielded from co-competitors)