[Tex/LaTex] Error with \fbox in beamer

beamer

I'm using \fbox in a beamer document to draw a box around the content, but I don't get the required output.
The \fbox content is

\fbox{Risk is defined as the potential future harm that may arise due to some present actions}

Also, \emph{\texbf{sample text}} makes the text only bold not in italic font in beamer.

enter image description here

         \documentclass{beamer}
         \usetheme{CambridgeUS}
         \setbeamercolor{title}{bg=red!65!black,fg=white}
         \begin{document}
         \title{Risk Management in Software Engineering}
         \author{S.Subham Soni}
         \institute[P.E.C]{Department of Computer Science and Engineering\\
 Pondicherry Engineering College}
          \date{January 6, 2014}     
          \begin{frame}
          \maketitle
          \end{frame}
          \begin{frame}
          \frametitle{Table Of Contents}
          \tableofcontents
          \end{frame}
          \begin{frame}
          \frametitle{Introduction to Risk Management}
          \section{Introduction to Risk Management}
          \begin{itemize}
          \item Risk Management involves \textsl{\textbf{anticipating risks}} that might affect the project schedule or the quality of the software being developed and taking action to avoid these risks.
          \item The results of the risk analysis should be documented in the project plan along with an analysis of the consequences of a risk occurring.
          \item Effective risk management makes it easier to cope with problems and to ensure that these do not lead to \underline{unacceptable budget} or \underline{schedule slippage}.
          \end{itemize}
          \end{frame}
          \begin{frame}
          \frametitle{Types of Risks}
          \section{Types of Risks}
          \textbf{What is Risk?} \par
          \fbox{\parbox{\linewidth}{%
          Risk is defined as the potential future harm that may 
          arise due to some present actions}}
          \end{frame}
          \end{document}

Best Answer

\fbox is a horizontal box without a possible linebreak. Use

\fbox{\parbox{\dimexpr\linewidth-2\fboxsep-2\fboxrule}{%
  Risk is defined as the potential future harm that may 
  arise due to some present actions}}

for a italic bold font use a font which supports it, eg \usepackage{libertine}