When we say that their is a risk we want to say that something may go bad or something unwanted might occur in future. When we say that something might occur, we are talking about the probability of the occurrance of the event. The events might occur or might not occur. Here the damage, something unwanted or the events determining the probability involve non-fulfilment of requirements, failure of some functionality or delay in the delivery of the product.Here we are trying to find which components or tasks might cause issue, in advance so that we can avoid them.This is called risk identification.The event that can have more impact is said to have more risk. Depending upon the risk the tasks can be prioritized.