The document discusses different types of risks in testing including product risks, project risks, and ways to deal with risks. Product risks refer to risks that the software may not meet customer expectations or behave abnormally. Project risks relate to factors that could affect the test project delivery or environment. Both product and project risks should be identified early from requirements and previous projects. A risk mitigation plan is also needed to address potential risks like ensuring skilled resources, handling new defects, preparing for natural disasters, and resources leaving the project.