Managing risk at the beginning stage of product development is considered to be the answer in securing a business future and success for any organization in the long run. Lean principles have an important role in ensuring the success of implementing risk management to identify and eliminate product risk at the early stages. This paper aims to review the lean principles approach in solving poor risk management. Although lean principles usually use tools, this study describes the further use of integrating lean principle to identify the important elements and advantages for risk management in the new product development (NPD) stage. This study also proposes the conceptual framework of a project management development system, which can help to ensure that organizations always stay competitive in the market and improve the skills of project managers for proper development execution.