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Software risk management has been around at least since it was introduced in mainstream of software management process, in 1989 [1-3]. Review of literature has shown that there is a great deal of interest in the effects of software risk management on project success. 29 publications, from 1997 to 2009, were found in the literature review work for empirical evidence of the contribution of risk management to IT project success of Bakker et al. [8]. This research explored the relationship between the actual organizational software risk management practice and project performance success in Thai software industry. The findings of this study show that the risk management practices are positively correlated with performance success in meeting both the reliability of the application and the completion of the application within the schedule. This is different from the finding of Raz et al. [21] that project risk management practices are more correlated to schedule and budget goals than in product performance measures.