There are many risks involved in developing highly qualified application that need to be carefully managed. Hence, the robustness of assessment and risk management based on valid evidence and valid information is a key driver and mandatory. This study aims to develop a risk assessment model that can be used to analyze the interrelationship between risks and calculates the probability and impact of risks. In this study we use Bayesian Network (BN) and Boehm's Software Risk Principles. Finally, we proposed new risk assessment model include risk catalogue and necessary actions to the risks that can be used as a risk assessment guideline in application development project.