Risk management is a key tool for leaders in projects and operations. It helps to consciously and proactively address opportunities, uncertainties, and dangers to avoid critical issues. Its pragmatic application is essential today and, due to increasing demands for product liability and governance, is mandatory for corporate management. "Risk Management Compact" summarizes in a practical and understandable way what risk management is, how it is implemented and utilized, and what the specifics are in IT projects and software development projects. The author describes, based on international project work, leadership experience, and consulting in the industry, the application of professional techniques for identifying, assessing, mitigating, and controlling risks. The reader benefits from proven practical procedures.