Risk management means the actions taken to avoid things going wrong on a software development project, things that might negatively impact the scope, quality, timeliness, or cost of a project. This is, of course, a shared responsibility among everyone involved in a project. However, there needs to be a 'buck stops here' person who can consider the relevant tradeoffs when decisions are required, and who can ensure that everyone is handling their risk management responsibilities.
It is not unusual for the term 'risk management' to never come up at all in a software organization or project. If it does come up, it's often assumed to be the responsibility of QA or test personnel. Or there may be a 'risks' or 'issues' section of a project, QA, or test plan, and it's assumed that this means that risk management has taken place.
Can any body explain briefly please