The current trend in product development is toward usage and integration of different advanced technologies which are increasingly embedded in a comprehensive PDM system as a company-wide information back-bone. With such an approach, the transparency is increased and many business processes accelerated. While modularization is a mega-trend, the modular approach is also used to align development processes with the workflows in PDM. The goal of an effective risk management system is to allow continuous business running and achieving the goals of an organization. In order to achieve this, it is necessary, as far as it is possible, to identify and to analyze risks the organization is confronting and to evaluate their effects on the business. In this paper, an approach is presented on how to integrate the technical risk management in Product Lifecycle Management by definition of an additional software module and its implementation.