By Rise was the assistant coach of Rosenborg under the head coaches Trond Sollied (1998), Nils Arne Eggen (1999–2002) and Åge Hareide (2003). When Hareide quit in Rosenborg to become head coach of the Norwegian national team, By Rise became the head coach of Rosenborg in the 2004 season. Going into the 2004 season, Rosenborg had won twelve consecutive league titles. However, despite winning for a 13th consecutive season in 2004, the club had a relatively poor season by its high domestic standards, as it finished level on points and goal difference with Vålerenga, winning the title on goals scored. By Rise was sacked November 2004 by the club and worked for NRK radio station P1 as managing editor from 1 February 2005. On 18 July 2006, he was assigned as the new assistant coach for the Norwegian national team. In April 2014 he signed a contract for the final 4 games to try Danish team Aarhus_Gymnastikforening avoid relegation.
He has also had a professional career outside football as a journalist for Adresseavisen, the local newspaper in Trondheim.