The challenge of increasing the percentage of successfully completed projects in the IT sector remains relevant and requires careful consideration. Addressing this issue requires studying the mechanisms of project risk management tools capable of effectively addressing risks in the specific context of IT projects. The aim of this study is to examine the fundamentals of project risk management methodology, project management process groups, project risks and their classifications, and project risk management processes. The study was conducted using systems analysis. Theoretical research methods (analysis and synthesis, induction and deduction), and comparison were employed to explore the theoretical foundations of project management and risk management.