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Risks are unavoidable in the process of development of the software. The likely threats that are seen while developing the software need constant focus to be managed. Hence effective risk management strategy in the organization is mandatory to safeguard the quality of the project in the competitive IT market. The benefit of identifying and managing risk strategies on projects has made the organizations realize its importance in the terms of cost and schedule estimate and performance improvement. Every IT organization and every software project within it has its own methodology of solution to manage risks that occur in the development process. Resolving risks however depend upon several factors such as project domain, type of client, quality standards of the project, given time frame, budget, geographical region, resources, cultural background, and skill set of the resources and so on. The fact that all these factors having a tendency to contribute for risk occurrence at each software development phase is worth to note.