Tracking risk intensity or exposure means that we assess risk probability and impact periodically. Tracking risks translates into tracking capability, growth, and the associated risks. The assumptions used in identification and mental models used in mitigation are checked, corrected, and improved as tracking progresses. Using a balanced scorecard as a signaling system is an excellent way of tracking business risks. This system of business measurement has multiple advantages, and contains a good measure of clues for the risk manager. Product risk tracking is closely supported by software inspections and testing. Product risk is identified by product audits, inspections, and testing. Risk mitigation strategies associated with product risk tracking are alternate designs, PSP, evolutionary life-cycle models, early defect discovery, usage-model-based test strategies, and capture of failure modes in all phases. Tracking risks is a bit more difficult than executing an accepted mitigation plan. Integrating risk tracking with project tracking achieves a much desired synergy between project management and risk management.