No... unless you don't want it to be the Event Raikou. I mean, the event Raikou you have right now is to get the black dog thing. What was it called? Ah, Zoroark. You can just generate a Raikou that was roaming around Johto. If you would like to then... I'll be happy to assist you.
*Note: The event Raikou cannot go anywhere with that ribbon on. I believe it's just for show... & to get that black dog.
**Note: The attached Raikou on this post is the roaming Raikou.
EDIT 1:
The event (GAMESTP) Raikou is to get Zoroark in Pokemon White/Black. You cannot battle or trade with it on WiFi because of the Classic Ribbon1 it holds. It prevents you from doing so. This being said... in the 'Met' tab in the 'Location' droplist, it will be set to '(Entei, Raikou, Suicune pre-event)'. Pre-event basically means that it is ready to activate the event. Which in this case is to catch Zoroark. Once you activate it (with Raikou), the location will change to '(Entei, Raikou, Suicune post-event)'. Meaning... Raikou cannot activate the event anymore. Yeah sure you can change it back to '... pre-event' but that will do you no good. The event can only happen once and once only. So yeah... do you see where I'm going with this? Now... if you want to battle on WiFi with the shiny event Raikou you can't. You know why? Because of the ribbon it holds. If you want to battle with a Raikou then catch the roaming Raikou in Pokemon Heart Gold/Soul Silver and transfer it to Pokemon Black/White. Or just generate it =D