VMware Hybrid Cloud Extension (HCX) migrates workloads or VMs between VSphere, non VSphere or on-premise environments.
The key difference between VMotion and HCX is that the original VM is kept in place. If there is any problem with the migration, just shut down the new VM and turn on the original. This is much easier to sell this to the users for the change request.
For risk management, as long as the VM is restarted regularly, ie monthly, there is almost no risk. If the server is left continuously running for months or years, there is a chance someone put a temporary setting eg mount point that does not persist after a restart.
This is a short 3 minute video on how HCX works.