Dermoid Cyst question

I'm a 20 year old female, and about 4 years ago I was diagnosed with a dermoid cyst in my right ovary.

When I was 9 years old, a cancerous teratoma was removed from my abdomen along with my left ovary. While undergoing routine ultrasounds and blood tests, the Dermoid was found in my right ovary and my doctor is unwilling to remove it until it becomes larger because of the high risk of losing my only remaining ovary. The cyst is about 2cm as of last July.

Right now, I am monitoring the cyst with an ultrasound every 6 months and blood tests, testing CA125 and CEA.

I'm wondering if what my doctor is recommending is the best solution. I'm worried about my fertility and the possibility of hormone therapy, but I'm also worried about the effects the cyst can have on my body. I'm not in any pain or discomfort however.

Does anyone know what would happen if they were to remove the cyst and also had to remove the ovary? What would happen to my body? Also, would anyone recommend any other treatment and observation different than what I have been doing? I have full confidence in my doctor and i have also seen two specialists, but there's no harm in asking.