A method and computer program product for integrating risk management concepts into a standard business process metamodel by defining a set of metamodel extensions to standard process modeling languages that incorporate risk information directly in the process model. The method includes collecting risk-relevant information for addition to a business process model, and enabling visualizing of a risk-extended business process model. using a notation to express notions as failure modes of resources, root cause events, and sources of execution failure and low job output quality directly in the context of process models. Additionally, the method enables the computation of risk-related impacts on the distribution of process performance measures using a Bayesian network model or a discrete-event simulation model.