The anticipated risks may vary depending on the wallet in consideration. Centralized wallet may have extended risks as compared to non-custodial wallet because there are other entities that can get compromised beside the user. A few I can think inclue losing you phone when you haven't properly backed up your private keys, keystore etc. I personally use Atomic Wallet on mobile and have my keystore backed up on Empass password manager. This is possible because Atomic Wallet is a non-custodial wallet and as such gives users full control of their funds.

You can loose your fund in course of sending funds but to a wrong recipient. An unauthorized pary ould get access to phone and transfer your fund. There are a whole lot of other risks.