There are a few risks to implementing a Center of Excellence for software development. One risk is that it can silo knowledge and best practices within the CoE, rather than sharing it across the organization. This can lead to other teams feeling like they are not part of the "inner circle" and create resentment. Another risk is that the CoE can become overloaded with work, leading to unrealistic expectations and burnout among team members. Finally, there is the risk that the CoE will become bureaucratic and inflexible, stifling creativity and innovation. However, these risks can be mitigated by having clear goals and objectives for the CoE, involving all stakeholders in its development, and making sure that it remains responsive to changing customer needs.