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In power systems with a large integration of wind power, setting the adequate operating reserve levels is one of the main concerns of system operators (SO). The integration of large shares of wind generation in power systems led to the development of new forecasting methodologies, including probabilistic forecasting tools, but management tools able to use those forecasts to help making operational decisions are still needed. In this paper, a risk evaluation perspective is used, showing that it is possible to describe the consequences of each possible reserve level through a set of risk indices useful for decision making. The new reserve management tool (RMT) described in the paper is intended to support the SO in defining the operating reserve needs for the daily and intraday markets. Decision strategies like setting an acceptable risk level or finding a compromise between economic issues and the risk of loss of load are explored. An illustrative example based on the Portuguese power system demonstrates the usefulness and efficiency of the tool.