Software testing is a process that checks software applications for defects and flaws. It helps identify errors in programming, coding, or other issues that could cause unexpected behavior. Software risk is the possibility of failure due to unintended system interactions, and is measured quantitatively by factors like failure rates or qualitatively by severity levels. There are three types of software risks: those not well understood, known but unresolved, and caused by poor design or code. The software testing life cycle includes requirement analysis, test planning, test case development, environment setup, test execution, and test closure integrated with the development process.