Claims:We claim:

1. A method for managing real-time risks associated with application lifecycle management (ALM) platforms comprising a plurality of application projects, the method comprising:
mapping, by a risk management system, one or more risks, from a plurality of predefined risks, to one or more delivery parameters, wherein the one or more delivery parameters associated with at least one application project selected from the plurality of application projects;
monitoring, by the risk management system, the one or more delivery parameters to identify occurrence of the one or more risks based on the mapping; and
providing, by the risk management system, a solution to mitigate occurrence of the one or more risks.

2. The method as claimed in claim 1, wherein the plurality of predefined risks are obtained from a risk database comprising at least one of business risks, technical risks, organizational risks and project management risks.

3. The method as claimed in claim 1, wherein the one or more delivery parameters are monitored at predefined intervals of time from inception of the at least one application project from the plurality of application projects.

4. The method as claimed in claim 1, wherein providing the solution further comprises:
obtaining a risk-solution mapping from the risk database, wherein the risk-solution mapping comprises plurality of risk mitigation solutions mapped to the plurality of predefined risks; and
providing at least one risk mitigation solution, from the plurality of risk mitigation solutions, based on the one or more risks.

5. The method as claimed in claimed in claim 1 further comprising:
determining, by the risk management system, risks other than the one or more risks corresponding to the at least one application project; and
providing, by the risk management system, solutions for at least one of risk avoidance and risk mitigation to stop occurrence of the risks.

6. The method as claimed in claim 1 further comprising:
identifying, by the risk management system, additional risks associated with the at least one application project, wherein the additional risks are not present in the risk database; and
updating the additional risks to the plurality of predefined risks present in the risk database.

7. A risk management system for managing real-time risks associated with application lifecycle management (ALM) platforms, comprising:
a processor; and
a memory communicatively coupled to the processor, wherein the memory stores processor instructions, which, on execution, causes the processor to:
map one or more risks, from a plurality of predefined risks, to one or more delivery parameters, wherein the one or more delivery parameters associated with at least one application project selected from the plurality of application projects;
monitor the one or more delivery parameters to identify occurrence of the one or more risks based on the mapping; and
provide a solution to mitigate the occurrence of the one or more risks.

8. The risk management system as claimed in claim 7, wherein the processor obtains the plurality of predefined risks from a risk database comprising at least one of business risks, technical risks, organizational risks and project management risks.

9. The risk management system as claimed in claim 7, wherein the processor monitors the one or more delivery parameters at predefined intervals of time from inception of the at least one application project from the plurality of application projects.

10. The risk management system as claimed in claim 7, wherein the processor further performs:
obtaining a risk-solution mapping from the risk database, wherein the risk-solution mapping comprises plurality of risk mitigation solutions mapped to the plurality of predefined risks; and
providing at least one risk mitigation solution, from the plurality of risk mitigation solutions, based on the one or more risks.

11. The risk management system as claimed in claimed in claim 7, wherein the processor further performs:
determining risks other than the one or more risks corresponding to the at least one application project; and
providing solutions for at least one of risk avoidance and risk mitigation to stop occurrence of the risks.

12. The risk management system as claimed in claim 7, wherein the processor further performs:
identifying additional risks associated with the at least one application project, wherein the additional risks are not present in the risk database; and
updating the additional risks to the plurality of predefined risks present in the risk database.

13. A non-transitory computer readable medium including instruction stored thereon that when processed by at least one processor cause a risk management system to perform operation comprising:
mapping one or more risks, from a plurality of predefined risks, to one or more delivery parameters, wherein the one or more delivery parameters associated with at least one application project selected from the plurality of application projects;
monitoring the one or more delivery parameters to identify occurrence of the one or more risks based on the mapping; and
providing a solution to mitigate occurrence of the one or more risks.

Dated this 28th of August, 2015

R RAMYA RAO
OF K & S PARTNERS
AGENT OF THE APPLICANT , Description:TECHNICAL FIELD
The present subject matter is related in general to project management, and more particularly, but not exclusively to a method and system for managing real-time risks associated with Application Lifecycle Management (ALM) platforms.