The webinar discusses testing risk management. It defines risks as things that can negatively impact a project's outcomes. There are two types of risks: product risks like bugs that affect stability, and project risks like delays that affect schedule or cost. The presenter advocates that QA managers are well-suited to manage risks due to their end-to-end visibility and balanced perspective between technical and business concerns. Effective risk management involves keeping an up-to-date risk table, reviewing risks regularly, and ensuring meetings focus on mitigation rather than blame.