What investments could potentially yield 8% or more in returns? Given that high returns come with high risks, what are the associated risks and how can we mitigate these?

Examples could include value or growth stocks. You should mitigate the risks by evaluating them to determine whether those risks are likely to materialise, and the impact it'll have on the business.

Eg. some have high yield because they have upcoming debt obligations to fulfill. But if you have trust in the management's ability to navigate these situations, then it might be a good chance to invest amid the market uncertainty. Some previous cases where this happened then saw the management refinancing their debts well, and the stock price then went back up after that.