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As more and more variable resources and demand response resources being integrated in the electric grid, the grid operation is experiencing increasing level of uncertainties. The decision making process under such environment becomes more challenging. This paper investigates the current risk management practices and proposes a risk management framework for the future grid operation. Under this framework, three risk management processes are proposed. The first process is the robust unit commitment for reliability, which focuses on the system capacity requirements using long-lead time units. The second process is the scenario-based look-ahead commitment for fast-start units, which concentrates on the system operability. The third process is the economic dispatch with corrective actions, which takes into account the trade-off between corrective actions and the system economics. The methodologies used to implement the proposed processes are also discussed in the paper.