The impulse to increase bureaucracy comes from risk-aversion, but you always have other forces to balance. For instance cash transporters are risk averse, but they haven't build secure underground tunnels under every shop and ATM.

Ever increasing bureaucracy probably doesn't come from ever increasing risk-aversion, and more from a dysfunctionning in the balancing mechanisms. Basically it needs to benefit a large portion of the system to keep creeping up.

That's almost always the case. Most corporates are risk-averse and thus bureaucratic.