In incremental software development (ISD) functionalities are delivered incrementally and requirements keep on evolving across iterations. The requirements evolution involves the addition of new dependencies and conflicts among functional and non-functional requirements along with changes in priorities and dependency weights. This, in turn, demands refactoring the order of development of system components to minimize the impact of these changes. Neglecting the non-functional constraints in the software development process exposes it to risks that may accumulate across several iterations. In this research work, we propose a risk management framework for ISD processes that provides an estimate of risk exposure for the project when functional features are frozen while ignoring the associations with non-functional requirements. Our framework proposes suitable risk reduction strategies that work in tandem with the risk assessment module. We also provide a tool interface for our risk management framework. © 2021, The Author(s), under exclusive licence to Springer-Verlag London Ltd., part of Springer Nature.