Industry 4.0, which was proposed ten years ago to address both the industry’s strengths and faults, has finally been replaced by Industry 5.0. It seeks to put human welfare at the core of manufacturing systems, achieving societal goals beyond employment and growth to firmly provide wealth for the long-term advancement of all of humanity. The purpose of this research is to examine the risks involved in the adoption of Industry 5.0’s architecture. The paper discusses the significance of Industry 5.0 and the advanced technology needed for this industrial revolution, followed by a detailed discussion of Industry 5.0’s human-centric strategy. The comprehensive literature review has resulted in the identification of risks and their mitigation strategies in Industry 5.0 architecture. A taxonomy with respect to different categories of risks has also been proposed. This study classifies Industry 5.0 system assets, identifies platform-independent risks, and develops countermeasures to protect against potential threats, irrespective of the business or domain.