Risk is present in every software that businesses use, so this makes it very important that software risk is managed. The the software itself is where the problems originate. It is possible that the software fails and is not able to perform what it is supposed to do, or the issue likes with its project program management and delivery. These are the issues that software risk management must address.
The important thing is software risk management is to look for the areas where the defect in a software would affect its usefulness for those who are using it and the business itself. An example would be managing the risk of having software bugs that will hinder several business processes and affect the business as a whole.
If there is something wrong with the software, then there would be delays and costs to the business that they have to deal with. There can be long delay of projects if software is found to be defective and it will take quite a while to fix the issue at hand. In order to prevent these risks from affecting the business, then there is a need for strong risk management practices in place. But before one can manage the risk, it is important that the root causes are understood and identified.
The best way to mitigate software risk is to have software risk management principles and best practices Software risk management most relies on testing. However, testing could not completely manage these risks. There is a need to measure these risks so that they can be managed completely.
So, if a business really wants to manage software risk, it is important to create a software risk management plan to start managing risk and make it a vital part of your software development process. In this software risk management plan, they should look into risks both at integration level and at system level and also measure the level of software risk in critical applications. You software risk management will then be based on these. In developing your software risk management plan, it is important to include procedures and processes that make sense to your business. Remember that the greatest threats that require the most mitigation are system-level risks.
Also remember that when dealing with software risks, the most damaging ones are not always the first issues to appear. It is important to find the most critical defects in a software that must be addressed and in order to do that there should be risk analysis in software testing. Small defects in your software at the system level can cause a large percentage of downtime in your business and so in software risk management, you should address system-level issues first because it has the greatest impact to your business.