Most professional project managers are actively handling project risks together with the team. And some of those risks are usually related to the product.
But in complex product development I would recommend to have rofuces workshop(s) on product risks – where the focus is on everything that can go wrong in the product. You can do this using standard impact/probability approach.
I prefer doing it as open brainstorming – and not trying to categorize or focus on subsystems initially – since some risks might span different areas. You might for example conclude that all money handling parts (several subsystems) and a transaction service (one subsystem) are the highest priority risks.
I strongly recommend involving the Product Owner in this analysis since he/she is the only one who can assess the impact of potential issues. And is likely needed for trade-off decisions.
By doing this and by agreeing with the Product Owner on how to handle risks you get valuable input to:
– new requirements (for example on security or uptime)
– technical solution (for example on parts of the system that might need to be redundant)
– test (you obviously put a lot more effort into verification of high risk parts of the product)