Everything involves risk. Testing is no exception.
Any software tester can tell you that risk and testing are related, but many still do not know what risk-based testing actually is. Risk-based testing is much more than “testing based on risk”, though that is still the definition heard most often.
Let’s start by sorting out what “business risk” means.
If someone asks you “how risky is it?”, they are asking you to quantify the potential of losing something valuable. If it’s personal risk we are talking about, that “something valuable” could be anything from loss of life, to loss of pride, etc.