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Modelling and understanding bugs has been the focus of much of the Software Engineering research today. However, organizations are interested in more than just bugs. In particular, they are more concerned about managing risk, i.e., the likelihood that a code or design change will cause a negative impact on their products and processes, regardless of whether or not it introduces a bug. In this paper, we conduct a year-long study involving more than 450 developers of a large enterprise, spanning more than 60 teams, to better understand risky changes, i.e., changes for which developers believe that additional attention is needed in the form of careful code or design reviewing and/or more testing. Our findings show that different developers and different teams have their own criteria for determining risky changes. Using factors extracted from the changes and the history of the files modified by the changes, we are …