Speculative business risks

Sir,

How do I know for sure if a risk I’m pointing might be considered a speculative business risk? In the marking scheme, candidates are advised to refrain from speculative risks but are awarded credit for other relevant risks.

For eg, in the case of a business having an endorsement with a celebrity, would it be ok for me to suggest a reputational risk if the celebrity is caught in some sort of negative publicity? (think Tiger Woods, Harvey Weinstein, etc) The business may have to cut ties to prevent loss of reputation, good CSR citizenship, etc