When we talk about risk management, issues and risk are an inevitable part of the whole process. Risk management is the process of identifying the potential threats and problems that might get in the way of the smooth functioning of the company and creation of the plans that could avert the problems. During the earlier times, this risk management happened through some fairly informal processes. But with the passage of time, this has become an integral part poof many organizations which now requires the project managers to build a risk management plan so that the project plans are not hampered in any way.