Risk is a sudden mishappening that hampers our process or
the product. 
Risk Analysis is the solution or the way as to how the risk
can be handled. 
Risks are of 2 types:
1. Manpower risk
The risk analysis for this cud be maintaining proper records
and documentation of the development process and the
product. It cud also be involving a couple of ppl in teh
development process, getting it developed in a team so that
if some person moves out then the other is aware of whats gning.
2. End User Risk
What if the final product that u have developed, the client
refuses to accept that? What's the answer, the agreement
that was signed between the client and you before teh
project was started(as part of project management) will help
to fix it and wud be the risk analysis.

Before discussing risk analysis the following definitions 
would help you understanding risk analysis.

Risk: Potential loss to an organization.

Threat: This is something capable of exploiting 
vulnerability in the security of a computer or application.

Vulnerability: This is a design, implementation or 
operations flaw that may be exploited by a threat.

Control: This is the anything that tends to cause the 
reduction of the risk.

Risk Analysis is the process of evaluating risks, threats, 
vulnerability and controls.

Eg: Consider fire as a risk. Risk is always there but it 
would result in loss only when one leaves a can of gasoline 
in house. Then gasoline becomes a threat.