In a clinical trial, researchers observe that the MLE for a treatment effect parameter $\beta$ is $\hat{\beta} = 5.0$ with an estimated standard error $SE(\hat{\beta}) = 2.0$. If they use the Wald test to evaluate $H_0: \beta = 0$, but the likelihood surface is highly asymmetric due to small sample size, what is the most significant risk of relying solely on the Wald statistic $W = (\hat{\beta}/SE)^2$?