It’s worth pointing out that ‘risk of colission’ does exist unequally between two ships and figuring out if a risk exists requires looking at the situation from the other ship’s perspective.
For example, if you’re on a VLCC and you have 0 CPA in ten minutes a risk could exist. At that point you could begin to stand-on/give-way.
But if the other vessel is a nimble fishing boat they may not consider a risk exists until a minute or two until CPA. In that case they may continue to maneuver freely for another eight minutes.
For those eight minutes it could be said that a risk exists for only one ship. In this case only one ship might be actively avoiding a collision.
In a low CPA situation I’ll ask myself if the other vessel might think a risk exists. Maybe the CPA distance is comfortable for them. Maybe the time to CPA is sufficient for them. That way I can expect to know if I might be acting alone to avoid close quarters.