Abstract
The field of software development often encounters many kinds of risks with high failure rate which in turn influence the success of software project. Success of software development associated with the effective management of risks occurred or might occur to mitigating the failure rate. This paper focuses on the life cycle of software development and the risks associated with each phase. It proposes a new model that helps in assessing and managing the risks and the processes needed in each phase of the development life cycle. The model is intended to unveil risks associated with each phase giving the opportunity to revisit phases in case of discovering associated risks as the development proceeds.