Case Study - Risk

We identified a risk as low priority (low probability, high impact). A response is planned even though it is on the watch list. Major stakeholders are risk-averse. A large portion of the reserve will be used if this risk occurs. Would you continue with the plan or just hope the risk does not occur? Note that this is a small organization with low risk tolerance. What would be your recommendation as a risk manager? Be realistic since this is a real-life scenario, not an exam question.