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tool will not matter much I guess but the approach.
I have seen people managing risks very well in excel by using well built templates. Auditing and communicating them on regular intervals is also of prime importance.
However, you can also find many open source tools for risk management on google
we have created a risk mgmt list at MS Sharepoint, since this is our central managing platform for all our projects.
The list covers all irsk mgmt phases based on PMBoK Guide and in addition we have usually a regular risk mgmt meeting with the projects.
We just use a list in Excel.
Mostly Excel sheet are used for tracking risks with the customization according to the organization.
Its Excel with organization level or customer specified templates..
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