In a market economy, all risks derive from the risks of holding real assets or, equivalently, unleveraged equity claims on those assets. All debt instruments (and, indeed, equities too) are essentially combinations of long and short positions in those real assets.
The marvel of financial intermediation is that, although it cannot alter the underlying risk in holding direct claims on real assets, it can redistribute risks in a manner that alters behavior. The redistribution of risk induces more investment in real assets and hence engenders higher standards of living.