With the development of technology, software is becoming critical for the success of many large systems. There are many risks involved in creating high quality software on time and within budget. The success of software product, both functionally and financially is directly related to the quality of the requirements. Software requirement risk addresses the possibility of suffering a loss of any functional or non-functional requirement of the system. It refers to the uncertainties caused by differences between the requirements perceived by developers and user groups’ expectation of the system. Requirement risk can lower project performance therefore effective management of it is critical to achieve desired project performance. In our research work a Requirement Risk Prioritization Model (RRPM) has been proposed. Implementation of inspection technique is done to identify the key requirement risk factors responsible in achieving successful outcome and use a Bayesian network approach to prioritize the requirement risks that leads to fail a software project. These Results can be used to compute the overall risk metric associated with a project.