Software development is the art of developing the software in an appropriate manner by using the software development life cycle, regardless of the fact that which model is used for the development. The development is a dynamic activity and requires a lot of rational thinking during the analysis, design, coding, testing and maintenance phases of software development. As the development of software is becoming more systematic and tool-driven, and due to the over emphasized use of the technology the orientation of risks are increasing but the attention to risk management has been observed to be helpless to improve with the same pace to tackle the dynamically increasing software risks. In the last decade, precisely, having felt the importance of software risk management, increasing emphasis has been given in this domain. Therefore the academic and industrial community is worried to consider that how the risks can be handled to minimize the losses and to increase the profits and maintain reputation in the market This paper focuses on the aspect of suggesting the techniques to handle or manage the software risks. Taking into consideration the eighteen most prominent risk factors that affect the software quality and software process, the handling or avoidance strategy has been proposed. This paper suggests addressing the risk factors to be treated not only by the technology but by using intuition as well. © 2011 Academic Journals.