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Formal risk analysis and management in softwareengineering is still an emerging part of projectmanagement. This paper provides a brief introduction tothe concepts of risk management for software developmentprojects, and then an overview of a new risk managementframework. Risk management for software projects isintended to minimize the chances of unexpected events, ormore specifically to keep all possible outcomes under tightmanagement control. Risk management is also concernedwith making judgments about how risk events are to betreated, valued, compared and combined.The ProRisk Management Framework is intended toaccount for a number of the key risk managementprinciples required for managing the process of softwaredevelopment. It also provides a support environment tooperationalize these management tasks.