With global crises and natural disasters becoming ever more prevalent, the importance of risk management is highlighted more than ever. Furthermore, risk management is often in contrast with more classic objectives of firms such as reaching higher levels of productivity. To add to the difficulty, there are fields that are already plagued with complexity beyond the limits of traditional problem-solving methods. Supply chain and business process management are two such complex fields that will be highly influenced by outside factors beyond a survival point if risk and operations management are treated disjointedly. In the current simulation literature of risk management, discrete event and agent-based simulation methods are mostly used for supply chain and business process management, respectively. In this article, we propose a risk management framework using multi-paradigm modeling and simulation to bring operations and risk under one umbrella. The framework adopts a continuous improvement cycle, quantifies risk as a deliverable, and provides the decision-makers with trade-offs between optimized risk and other management objectives. The framework is validated through the development of a multi-paradigm simulation model for a warehouse supply chain. The case study demonstrates how our framework could be utilized by the decision makers to systematically approach risk management.