It is through risk management that risks to the program are assessed and systematically managed to reduce risk to an acceptable level.
Risk Management is the act or practice of controlling risk.
It includes risk planning, assessing risk areas, developing risk-handling options, monitoring risks to determine how risks have changed, and documenting the overall risk management program. The acquisition process itself is designed, to a large degree, to allow managers to control events, or their consequences, that might adversely affect a program. In the past, many managers viewed risk as something to be avoided and required that any program that had risk areas be subjected to review and oversight. This attitude has changed. DoD decision makers recognize that risk is inherent in programs, and a goal of DoD acquisition is to study future program events, identify potential risks, and take measures to control them and ensure favorable outcomes.