Two biggest risks are blowing up and taking other components with it and damaging them over time through providing unstable power (especially motherboard).
If the PSU has plenty of power for the system your running, isn't showing any typical signs of failure (no freezing or unpredictable reboots/trouble starting, rails look solid, i.e. not fluctuating), is surge protected and in a cool, well ventilated room/case then you should be ok.