What does "partner in Risk Advisory" of Ernst & Young mean? I assume one is not a managing partner?

Answer 1

No, he is not the managing partner. His name card will say so if he is. These big 4 firms can have more than 100 partners in various divisions, like audit (now more commonly known as assurance, risk advisory, tax, transactions, etc). The person you're talking about is a partner in the risk department. He helps clients to assess risks and gives advice on whether some venture is worth going into or not.