Abstract: The embodiments herein provide a method and a system for security risk identification and controlling release management of software application. The method provides security risk identification in a software application as well as integrated tools to direct the efforts of developers to build and maintain secure software. The method provides a unique approach of defining a plurality of Service Level Agreement (SLA) to control a release build for a software application by checking vulnerabilities. Furthermore, the method is flexible enough to adapt in most complicated enterprises and different Software Development Life Cycle (SDLC) processes.