Honestly I have no idea what the risks or consequences of male circumcision are, but I do know they are routinely (though I just read a report from 2009 that said only about 60% of male babies are circumcised, a decline from the 1970s when the number was around 90%) performed in hospitals by doctors.
Female genital mutilation however is "traditionally carried out by an older woman with no medical training. Anaesthetics and antiseptic treatment are not generally used and the practice is usually carried out using basic tools such as knives, scissors, scalpels, pieces of glass and razor blades. Often iodine or a mixture of herbs is placed on the wound to tighten the vagina and stop the bleeding."
Consequences:
severe pain and shock
infection
urine retention
injury to adjacent tissues
immediate fatal haemorrhaging
Long-term implications can entail:
extensive damage of the external reproductive system
uterus, vaginal and pelvic infections
cysts and neuromas
increased risk of Vesico Vaginal Fistula
complications in pregnancy and child birth
psychological damage
sexual dysfunction
difficulties in menstruation
Justifications of FGM
The justifications given for the practise are multiple and reflect the ideological and historical situation of the societies in which it has developed. Reasons cited generally relate to tradition, power inequalities and the ensuing compliance of women to the dictates of their communities
Reasons include:
custom and tradition
religion; in the mistaken belief that it is a religious requirement
preservation of virginity/chastity
social acceptance, especially for marriage
hygiene and cleanliness
increasing sexual pleasure for the male
family honour
a sense of belonging to the group and conversely the fear of social exclusion
enhancing fertility
http://www.forwarduk.org.uk/key-issues/fgm