Project Contingency Reserve

How is contingency link to risk?
Is risk reserve and contingency the same thing?
Not in my experience, both should be calculated but not link.

Contingency reserve; for risks known-unknowns; this reserve can be either cost or time. if risk occur; then u have to utilize ur contingency reserve. otherwise; keep it till the end of the project.
if ur project run as apart of program; all these reserves will be returned to the funding organization during Program Financial Closure.

You should start reducing the contingencies amount starting from execution and depending on the confidence level you would like to keep on the project.
Contingencies should be split between CR (Contingency Reserve) and MR (Management Reserve). The first one is based on specific risks (risks known-unknowns) that could be identified, so every time one risk ceases the possibly to happen, a quote of CR must be released.
MR covers risks that cannot be identified (risks unknown-unknowns) so you keep it as long as you feel confident to release it because you are not expecting new risks to arise.
Hope this explanation might help.

Rami Kaibni thanks for your comment. However, I would like to explain better the approach in our companyThe MR is the coverage for unknown-unknows that might be of different types: technical, financial, ....
That means that MR could be split in different part(i.e. financial MR, technical MR) and the technical unknown-unknowns coverage must be estimated and is under PM control, even if it is not part of the baseline.