Many-core processors facilitate coarse-grained reliability by exploiting available cores for redundant multithreading. However, ensuring high reliability with reduced power consumption necessitates joint considerations of variations in vulnerability, performance and power properties of software as well as the underlying hardware. In this paper, we propose a power-efficient reliability management system for many-core processors. It exploits various basic redundancy techniques (like, dual and triple modular redundancy) operating in different voltage-frequency levels, each offering distinct reliability, performance and power properties. Our system performs Dynamic Redundancy and Voltage Scaling (DRVS) considering process variations in hardware, and diversities in software vulnerability and execution time properties. Experiments show that DRVS system provides significant reliability improvements while providing up to 60% reduced power consumption compared to state-of-the-art techniques.