A risk is a person who exhibits homo-erotic or excessively cheesy behaviour. This could be a reference to the following:
Excessively gaudy or inappropriate clothing
Cheesy or general tacky behaviour and looks.
This can lead to different uses of the word such as 'risky' when pertaining to someone's aesthetic as opposed to simply embodying a 'risk' in it's true form.
'Check that guy out! Risky bloke!'
'That chick sounds like the biggest risk'
'That guy's the biggest fucking risk ever'
'Is that bloke wearing the riskiest shirt ever or is it just me?!'
'How risky was that chick's head?'
*tosser says something completely unfunny*
'Yeah thanks risk...'