The Spiral Model is a hybrid SDLC model that emphasizes risk management alongside iterative development. Each loop of the spiral contains four main phases: Planning, Risk Analysis, Engineering (Development and Testing), and Evaluation. This approach allows for the identification of risks early in the project lifecycle, making it particularly appropriate for high-risk projects such as those in the financial or defense sectors. Although it offers substantial advantages like early risk detection, it also presents challenges including complexity and the need for specialized risk assessment expertise.