Most software projects inevitably involve various types and degrees of uncertainty. Without proper risk assessment and coordination, software projects can easily run out of control and consume significant additional resource. Thus, risk management techniques are critical issues to information system researchers. Previous empirical studies of U.S. software firms support the adoption of development standardization and user requirement analysis techniques in risk-based software project management. Using data collected from software projects developed in Korea during 1999-2000, we conduct a comparative study to determine how risk management strategies impact software product and process performance in countries with dissimilar IT capabilities. In addition, we offer an alternative conceptualization of residual performance risk. We show that the use of residual performance risk as an intervening variable is inappropriate in IT developing countries like Korea where the role of late stage risk control remedies are critical. A revised model is proposed that generates more reliable empirical implications for Korean software projects.