Software Risk Management: Using the Automated Tools Sergey M. Avdoshin, Elena Y. Pesotskaya School of Software Engineering, Software Management Department, National Research University Higher School of Economics, Moscow, Russian Federation. {Savdoshin, Epesotskaya}@hse.ru Abstract. Software development process nowadays faces many challenges and risks. In order to manage risks we need to understand the scope and objectives of the software developments and use the appropriate automated risk management tool. The study addresses software risk management in software development area and an approach to analysis, structuring, and evaluating risk with the help of specialized automated tools. The author provides recommendations on how to define a set of selection criteria for automated tools and analyses the growing demand for service hosting solutions and web- applications, stressing that almost any software including risk management tools can be successfully run using this method. Keywords: Software risks, risk management, risk management software, risk management tools, web-based applications, SaaS solution. 1 Introduction There are many risks involved in creating high quality software that need to be carefully managed. Despite new technology, innovative methods and tools, different management methods - development process still full of risks from the beginning to the end. Therefore, to make sure a project successful we require managing specific IT risks related to our software projects: identify risks and store in a shared data storage, assess risks, using specialized tools and techniques, choose appropriate mitigation action and track that mitigated risks are lower when they were. The need for project risk management has been widely recognized by all software development companies such as Microsoft, SAP, Oracle, IBM etc. Being a development companies they usually use their own powerful automated tools to minimize losses and maximize software development success. As the purpose of project risk management is to improve project performance by systematically identifying and assessing risks, developing strategies to reduce or avoid risks, and maximizing opportunities [2], risk management tools should support a continuous risk management process throughout the life cycle of a system. Effective risk management depends on risk management planning; early identification and analyses of risks; early implementation of corrective actions; continuous monitoring and reassessment; communication, documentation,