Traditional project management that relies on reactive measures to manage project crises is often ineffective to prevent project failure.Knowing the risks that can potentially cause harm to a project but without a mechanism to prioritize the risks, project management would also face difficulties in allocating adequate resources to prevent the occurrence or mitigate the consequence of project failure.Thus, a tool that can aid project management to proactively identify and assess risks, and applying the appropriate Risk Control techniques to mitigate the risks can help assure project success.Project Risk Management is a structured approach that focuses on the systematic identification, evaluation and control of project risks.Integrating Project Risk Management into day-to-day project activities, project management can gain significant insights to increase the chance of project success and raise risk awareness amongst project staff.This paper provides an overview of the principles and elements of Project Risk Management, and discusses the benefits of applying Project Risk Management.