The only important or potentially big health risk shaving may pose is if you shave, then have genital sex of any kind with a partner very soon afterwards. That's because the small nicks, scrapes and minor abrasions that can happen with shaving can create additional possible sites for sexually transmitted infections to be transmitted or acquired. However, that's something easily taken care of for those who do shave by simply shaving the day or two before any kind of sex, not right before. From everything I know, that's the only serious issue when it comes to your physical health that shaving presents. Having hair there can help keep things cooler, so I know of no actual studies on this you may be somewhat more inclined to infections without it.
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