As the PV industry matures, successful risk management practices will become increasingly important to ensure investor confidence, control costs, and facilitate further growth. This study discusses several key aspects of risk management during the commercial- and utility-scale project life cycle, from identification of risks, to the process of mitigating and allocating those risks among project parties, to transferring those risks through insurance. The study also explores novel techniques in PV risk management, options to offload risks onto the capital markets, and innovative insurance policies (namely warranty policies) that address risks unique to the PV sector. This study, produced in collaboration with Sandia National Laboratories (SNL), is an update and expansion of the 2010 NREL study (Speer et al. 2010). Instead of focusing directly on insurance in PV project development as did its forerunner, this study examines the more general field of risk management for commercial- and utility-scale PV.