Flashing Custom Recovery (TWRP): Are there risks involved beside the usual? I am looking to flash twrp on my device. Are there any risks involved in it, beside the bricking,etc.

I understand that the bootloader will be unlocked, but is this any risk of something such as a privacy issue?  

Twrp is supported on my device which is a Samsung Galaxy note 10.1 2014 edition smp605.
The risks that are commonly mentioned, as RMarkwald said, are bricking your device and not being able to receive OTA updates. In my opinion, though, if you install a custom recovery such as TWRP, is because you want more control and flexibility than those provided by a stock device.

Regarding privacy... it must be said that, very often, a mere combination of keys and physical access to your device are required to start the recovery, thus enabling a potentially ill-willed user to perform malicious operations.

Now, on a stock (3e) recovery, the possible operations are very few, the worst being a factory reset. From a custom recovery such as TWRP, though, one could:


sideload and install unsigned ZIP packages;
format only selected partitions;
push and pull files arbitrarily;
change file permissions and ownerships;
convert user apps to system apps;
features both a terminal and a file manager.




May this serve as a general overview. Thanks to @DanB for the reminder.