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Configuration Management involves establishing and maintaining consistency of a product's properties, such as performance, functional and physical attributes, with its requirements, design, and operational information throughout its lifecycle. It includes practices like version control, build automation, and release management to ensure that software is delivered in a controlled and predictable manner. In the context of Application Lifecycle Management, Configuration Management plays a crucial role in managing changes to software artifacts and ensuring that they are properly tested, built, and deployed. From a Risk Management perspective, Configuration Management helps mitigate risks by maintaining control over the configuration of systems, reducing the likelihood of errors and failures, and enabling quick identification and resolution of issues. By establishing a solid Configuration Management process, organizations can improve their overall software development and delivery capabilities while minimizing risks and ensuring compliance with regulations and standards.