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The major contribution of this paper is the introduction of a reference model which is capable to consider information acquired within the business process management and risk management domain. The central objective of the reference model is to enable the modeling of risk aspects in such a way that it provides the foundation for risk-aware business process simulations. Within this paper, we firstly present an approach that combines essential activities of business process and risk management leading to risk aware business process management within an organization. Secondly, we illustrate our novel reference model which comprises extensions of existing modeling languages in order to meet our simulation-based risk-evaluation needs. We conclude this paper stating future research challenges.