First, you should know that the ISO27000 family of standards isn't specific about IT. Depending on the scope you define in the beginning, your risk analysis could also cover various activities of your company. Of course, as the focus is on managing the security of your information, there are a lot of recommended controls that are indeed about IT.
That said, the standard says you have to conduct a risk analysis on your assets, but says very little about how you should do it. The methodology is something you're free to define yourself. Most of the time, you won't want to reinvent the wheel and use some known methodology, but the choice is yours. Usually, it's a matter of identifying your assets and their worth to you, then the various threats to these assets and the vulnerabilities that these threats might exploit.
So you can't really compare the risk analysis done in the process of establishing your ISMS (as per ISO27001) with a particular type of risk analysis. If you want, it's a bit like if you ask what's the difference between building a wall and brick masonry.
On thing the standard does say however is that your risk analysis should be reproducible, so that it should give the same results if conducted, for example, by two different persons. In that sense, the more precise your methodology is, the better.