Risk management in project management is the process of identifying, classifying, and responding to risks emanating from a project’s environment. It is an essential element of project management that all managers are akin to satisfy. In IT projects, this process is crucial especially in projects with high levels of significance to organizations. When management fails to take into account some of the risks associated with a project, they risk jeopardizing the outcomes of their projects. This paper seeks to discuss three core benefits associated with risk management in information technology projects.