This research has implemented an efficient risk-based testing technique where the prioritization of test cases is done on the basis of ranking of component risks and quality control metrics by automatic source code analysis in evolutionary environments to correlate risk, quality assurance, and testing life cycle. The literature on various risk-based testing techniques has been analyzed critically, and then a novel and original technique has been proposed and implemented to correlate risks, software testing life cycle, and quality assurance. The proposed test case prioritization approach has been compared with no prioritization, random prioritization, and reverse prioritization to prove the proposed work effectiveness. The proposed risk-based testing approach and model quality is assured in terms of reduced test execution time and percentage of test suites executed to cover all the faults.