Risk management is the process of identifying the risk, assessing the risk and taking the steps to reduce the risk. Risk management team which is same people as the project management team will have huge financial savings, there will rapid delivery time as the team members will be working simultaneously on the project as well as the risk management. Involving the entire team in this process by brainstorming sessions and interactive meetings could help to know the importance of it. There could be possibility where the team members may not understand the importance of developing a risk management this could be challenging. There is additional responsibility of managing the risks other than managing the project. Risk management team which is separate, there is more accessibility to more highly proficient and systematic team which will handle the risks in an organized way. Focus will be entirely on the diminishing the risks and improve the productivity. Cons includes the anticipated results may or may not fulfill the expectations. There is possibility in delay of the delivery time and disclosing the confidential data is risky. There is lack of complete control over the risk management.