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This comprehensive chapter sums up the essential role of risk management in successful IT sourcing initiatives, emphasizing a thorough risk management framework, effective strategies for various risk types, and the criticality of a risk-aware culture within organizations. The text delves into future trends and emerging challenges, such as adapting to novel technologies, regulatory changes, and agile methodologies. It presents a future outlook on how organizations can maintain competitive resilience amidst these evolving scenarios, especially by focusing on data security, privacy, and regulatory compliance. Open the chapter to harness valuable insights and strategies to navigate the ever-evolving landscape of IT sourcing and risk management.