Relative to, for example, radical product innovation process, little isknown about business model innovation, let alone the process of managingthe risks involved in that process. Using the emerging Enterprise RiskManagement (ERM) literature, an approach is proposed through whichrisk management can be embedded in the business model innovationprocess. The integrated risk management/business model innovationprocess model has been tested through an action research study in aDanish company. The results are promising and warrant continuation ofthe development of that model.