The aim of this research paper is to study risk management system and to find some tools and techniques recommended by different journals and articles. We have gone through different approaches in context of risk management. We have taken risk management paradigm introduced by Software Engineering Institute as our standard to analyze different techniques and tools. Different features have been mined out from those models and trying to show shortcoming as well as asset qualities of those. Our approach is to find out best or suitable tools for software risk management in software development industries.