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Riskrunner is an exotic energy SMG. This weapon is extremely effective if you're using Arc subclass of your guardian and can deal some Arc damage to yourself in order to activate the unique perk - Arc Conductor. Once you activate it, the weapon damage increases, it will fill its magazine every second and will resist Arc damage taken. Even more then that, this perk will refresh it's duration if you'll score a kill.
In PvE, this thing is an absolute disaster while Arc Conductor is active. It will just slice through the weak enemies, constantly reloading the magazine, so you don't need to lose the trigger. The main problem here is that it's not very effective against bosses, but to be honest, there's no SMG which is good for killing bosses.
In PvP, this thing can be really nasty if you're facing a lot of Arc subclasses. It's a very reliable weapon even without its perk, so there's nothing wrong about using this in the Crucible.