Waterfall SDLC is a linear and sequential method that follows a predefined set of phases, such as planning, analysis, design, development, testing, and deployment. This method can reduce risks by providing a clear and detailed plan, documentation, and specification for the project. However, there are still common risks such as changing requirements, poor quality, delays, and customer dissatisfaction. To mitigate these risks, you should conduct a thorough analysis of the requirements and scope of the project and get approval from customers and stakeholders before moving to the next phase. It is also important to use a structured and formal design and development process that follows best practices and standards to ensure the code meets specifications. Rigorous testing should be done at each phase to fix any defects or errors before moving to the next phase or deploying the product. Additionally, regular communication with your team, customers, and stakeholders using tools like reports, reviews, and meetings can help manage any changes or issues that arise during the project. Finally, it is important to plan ahead with sufficient time and resources for each phase and the overall project as well as monitor and control the schedule, budget, and quality using metrics and indicators.