You are certainly able to track risks using our working tracking system. Depending on which process you choose, we might call them Risks, Issues, or Impediments.

If you are looking for advance Risk management tooling, such as defined by PMI/PMBOK, we don't have tooling for that. However, many of our customers use our advanced Excel integration to create risk management Excel workbooks, which pull/push data directly to/from Team Foundation Server, while letting Excel do the work of risk impact/exposure calculation.