Software risk management is a proactive decision-making practice with processes, methods, and tools for managing risks in a software project. Many existing techniques for software project risk management are textual documentation with varying perspectives that are nonreusable and cannot be shared. In this paper, a life-cycle approach to ontology-based risk management framework for software projects is presented. A dataset from literature, domain experts, and practitioners is used. The identified risks are refined by 19 software experts; risks are conceptualized, modeled, and developed using Protégé. The risks are qualitatively analyzed and prioritized, and aversion methods are provided. The framework is adopted in real-life software projects. Precision recall and F-measure metrics are used to validate the performance of the extraction tool while performance and perception evaluation are carried out using the performance appraisal form and technology acceptance model, respectively. Mean scores from performance and perception evaluation are compared with evaluation concept scale. Results showed that cost is reduced, high-quality projects are delivered on time, and software developers found this framework a potent tool needed for their day-today activities in software development. K E Y W O R D S hierarchical risk classification breakdown structure (HBRS), performance appraisal form (PAF), software development life cycle (SDLC), software ontology-based risk management (SORM), software risk ontology (SRO), technology acceptance model (TAM) 1 | INTRODUCTION A software project is a process involving many activities such as domain analysis, requirement specification, communication with developers and end users, designing and production of various artifacts, evaluating and testing of software products, and installation and maintenance of application at the end user's site. 1 The demands on software development are increasing daily due to an increase in knowledge of information technology. More people are aware of the importance of information systems and how tasks can be carried out easily by adopting them. Also, the consideration of the world as a global village is one of the major quests for information technology, which has led to a global increase in the demand for information systems. With the increase in demand for information systems, it is important to know that software development is a complex task due to various artifacts and the phases involved in its implementation. Although software projects management is gaining more recognition from industry, military, finance, and academia, yet many projects are uncompleted and could not be delivered because of its failure to meet up with the initial requirements. Some projects that are delivered failed to meet up with the scheduled time, which invariably leads to an