The ECB's Financial Stability Review (FSR), celebrating its 20th anniversary, highlights the interconnectedness of risk analysis and risk communication in preventing financial crises. Effective risk identification involves combining data-driven assessments with qualitative insights and expert judgment, requiring a comprehensive and adaptive framework that continuously integrates broad indicator reviews with focused analyses on emerging risks. Early vulnerability identification enables timely intervention, while flexibility remains essential due to the complex, non-linear nature of the financial system. Clear and transparent communication of systemic risks shapes expectations and enhances market discipline, creating a feedback loop that strengthens both policy response and risk awareness. Central banks face the challenge of balancing communication frequency and depth to avoid false alarms while maintaining credibility. The FSR has evolved to become more accessible and data-driven, utilizing diverse media channels to broaden its audience. Proactive and targeted communication reinforces financial stability by aligning policymakers and markets, emphasizing the symbiotic relationship between risk analysis and effective communication in maintaining financial system resilience.