Change, in software requirements during its development phases, is considered as a major risk which may affect a software project to fail. Therefore, software engineering processes, methods, and tools are used in order to manage these risks whereas changes in requirements have many negative influences such as effects on system development life cycle (SDLC) phases, project progress, and outcome of a software project. Consequently, project managers must use risk management strategies, activities, and estimation techniques in order to manage and mitigate these risks which are caused due to changes in requirements. A novel model is proposed in this paper to manage and mitigate risks related to changing requirements. The proposed model is validated through qualitative research design. The results are in favor of the proposed model to show its effectiveness. It is anticipated that the proposed model will solve the problems of software companies in major to deal with risks about changing requirements.