Abstract
Software risks management is a prominent area of research and has emerged over time with great significance. The identification and management of risks are important to complete the software successfully. In order to identify and handle the risks, different approaches are presented in the literature. Some approaches are feasible for small scale application, like mobile applications, while some approaches have their relevance with the large scale applications. In this paper, we present the available approaches to identify and manage the risk factor during the software development life cycle. A discussion is also presented that elaborates the strengths of the approaches discussed.