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Controlling risk in software project is considered to be a major contributor for a project success. This chapter reconsiders the status of risk and its management in the science and literature. The survey is supported by the recent study of risk practices in government agencies in India, thereby contributing to a gap in research in the public sector. After the study, it is found that the risk is barely been conceived in research. The findings which were found are considered to be a challenging situation for risk management and to project management. Further, it was noticed that software projects do not follow a uniform structure which introduces variations in the risk and projects. Risk management research is not efficient in terms of practice. Directions and implication for the research and practice are discussed in this chapter.