Risk analysis and management is a critical aspect of the software development process. Various risks are associated with every phase of the software development lifecycle. The early identification of risks in each phase of software development coupled with mitigating plans can help to reduce the cost of the product and increase software quality. This study aims to explore various tools and techniques used in the literature of analyzing and managing risks. Most risk analysis techniques have been applied in the requirement analysis phase, so there is a scarcity of tools supporting automated risk analysis. Accommodating various types of risk factors to predict the software risks reduces the accuracy of the classifier.