Formal risk analysis and management in software engineering is still an emerging part of project management. This paper provides a brief introduction to the concepts of risk management for software development projects, and then an overview of a new risk management framework. Risk management for software projects is intended to minimize the chances of unexpected events, or more specifically to keep all possible outcomes under tight management control. Risk management is also concerned with making judgments about how risk events are to be treated, valued, compared and combined. The ProRisk Management Framework is intended to account for a number of the key risk management principles required for managing the process of software development. It also provides a support environment to operationalize these management tasks.