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With the development of the information technology, risk control is becoming more and more important during the risk management process of Information System Development (ISD). The risk assessment and optimization control have become the key duty for the managers. At the same time, they are also the key factor to decide the success of ISD. The paper firstly builds a risk assessment model, and adopts improved fuzzy comprehensive evaluation and entropy weight coefficient to assess the influence of different risk factors during the process of ISD. Then we establish the risk optimal control model and use the dynamic programming algorithm to solve the problem. Finally, the risk assessment model and optimal control method are applied to solve a practical problem, the effectiveness is verified. This research provides a strong support for effective risk manage and optimal control of ISD, thus it will help a lot for the decision maker to manage risk and improve the success rate of ISD.