Business Process Management is considered an essential strategy to create and maintain competitive advantage by streamlining and monitoring corporate processes. While the identification of critical success factors for the management of business process related projects has been addressed by some research projects, the risks associated with these projects have received considerably less attention. This is a concern: Although BPM projects contain phases that relate to traditional software development and deployment projects, the application of risk mitigation strategies found in software engineering ignores the subsequent process management phases that follow upon the implementation and automation of processes. This paper provides an overview of risks associated with BPM projects along the phases of the BPM lifecycle. After a classification of the risks identified with individual lifecycle phases and transitions we discuss four strategies to deal with these risks: avoidance, mitigation, transfer, and acceptance. The outlook of this paper discusses how assessment frameworks such as CobIT and COSO can be applied to risk management in the context of BPM.