Abstract: Software development process nowadays faces many challenges and risks. Software tools have been used in software development for a long time now. They are used for performance analysis, testing and verification, debugging and building applications. Software tools can be very simple and lightweight, e.g. linkers, or very large and complex, e.g. computer-assisted software engineering ( CASE ) tools and integrated development environments ( IDEs ). Some aspects of software development, like risk management, are done throughout the whole project from inception to commissioning. In order to manage the risks we need to understand the scope and objectives of the software developments and use the appropriate risk management tools and techniques. The aim of this research paper is to demonstrate the advanced tools and techniques used for software risk management.

Keywords: Software development, Software risks, Risk management, Risk management tools, Risk assessment, Software engineering tools.