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Effectively and efficiently performing business processes is a key success factor for achieving economic entrepreneurial goals. Amongst others, the argument of more stringent cost pressure lead companies to enforce outsourcing activities. Thus, the management of services - both, from the service requester and provider point of view - gained importance. However, considering only economic aspects is half the truth. One must not forget to simultaneously reflect risk aspects in an integrated way. Observing developments in the past years one can see that regulative bodies, the industry as well as the research community laid a special focus on the tighter integration of business process and risk management. In the course of this movement, we developed a conceptual method enabling risk-aware business process modeling and simulation. The major contribution of this paper is to introduce formal extensions of risk-aware business process management in order to support the related discipline of service management, especially risk-aware service analysis and planning.