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Risk management and business process management are considered key success factors for organizations. Risks are part of every business activity. If a risk occurs it may threaten the organizational goals causing time delays, additional costs or loss of quality. A business process is a set of activities that are executed according to certain rules to achieve a predefined business goal. Thus, if risk occurs it may threaten the execution of business processes. Nevertheless, in traditional business process management approaches risks and business processes are not sufficiently integrated. Risks are usually not explicitly described in the relevant business process model. In order to realize risk-aware business process management, one must have the process risks conceptualized and integrated into business process modeling and simulation. Thus, we present a novel methodology of risk-aware business process modeling and simulation using so-called XML nets, which are a special variant of Petri nets. Additionally, we present a business process modeling tool extended by a risk-aware perspective. Our methodology includes the following four steps: initial modeling of the original business process, discovering the business process risks by applying selected risk identification techniques, integrated modeling of risks and business processes, simulation and evaluation of business process improvements and their systematic selection and transformation of the original business process model into an improved business process model. Our novel methodology enables better risk visibility, improves business processes, and ensures business continuity.