The project is based on the need to address the real life issues, the situations and projects that are rapidly changing in today’s environment and conditions. The evolution of risks is directly related to the changes of technology, environment and people’s behavior which may include also other factors. The chosen methodology is appropriate for the chosen tasks to be solved. Modern technological tools will give the best possible contribution to learning skills. In order to produce the planned outcomes a special attention was paid to the choice of partners. There will be 5 partners from three countries (Latvia, Lithuania and the Netherlands). Every partner will contribute to the project. By involving international experience of academic partners (BASBF, VIKO, and HOGESCHOOL ROTTERDAM) and, especially professionals from the industry (Balta/PZU, LAA) the project has the potential to reach its planned outcome. The added value of the project lies in the strong link with academic world and industry. Key activities of the project are related to the development of methodology of Risk Management (RM) course, Risk Management simulation game software and establishment of guidelines for teachers and students: 1. Software of Risk Management simulation Game; The simulation game of Risk Management will be a new learning and teaching methodology. Software includes interactive simulation game that ensures ability to simulate the different business cases (e.g. the development of a new product, the development of a new sales channel, etc.). Students individually and/or in the groups will be able to make risk analysis of the real business cases, offered by industry or university. During the game students should identify main risks, assess them and to choose appropriate risk management strategies. The software should be compatible with the actual operating systems (e.g. windows, eOS, etc.). Therefore, the system will be available for desktop computers, as well for mobile devices. 2.Methodology of Risk Management teaching/learning; Methodology of Risk Management teaching / learning will provide a sufficient amount of information about the risk management in both, theoretical and practical aspects. The theoretical part will include such sections as the history of risk management development, the main principles, problems and opportunities gained by Risk Management. There will be the separate section of the risk management process that in depth explain every step of Risk Management process. The second section analyzes examples of the practical use of risk management from the real examples with a particular emphasis on benefits gained during the process. A separate section will explain use of simulation games during the Risk Management studies. The goal of new Methodology of Risk Management is improving existing one, because of combining theoretical background with the new technologies (simulation game software). 3. Guidelines for teachers / students; The main reason of this intellectual output is to develop guidelines and instructions how to use the new software – Risk Management Simulation Game. The teachers part of guidelines will include all aspects about the game: from the installation of the software till the managing of different scenarios and modifying existing ones, the valuation of the student`s results of the game, etc. The student`s part include detailed explanations of the each game participant role in this simulations, the possible goals of each game round, etc. Both guideline parts will have instructions for each software option. Project activities will be implemented by using project management techniques and principles. Main activities during the project: local workshops of partners, transnational project meetings (5 meetings), learning/teaching/training activities (3 activities). Ensuring compliance of the project goals to appropriate parameters, the monitoring of quality of the project outcomes will be ensured by making sure that the set tasks are completed within the set deadlines and by involving administrator of the project. During the project we will follow guidelines of AGILE methodology. The outcomes of the project will ensure better compliance with the requirements of the industry. Therefore, the improvement of skills of students, and the qualification that need to be integrated in a labor market will be gained. In turn, this will have a positive impact on competitiveness of the EU economy in the long term. It should be noted that the materials developed during the project have a potential to be used in a very wide range of studies (Management, Strategic Management, Project Management, Risk Management and Insurance, etc.), besides, it has a high potential for the outcome to be applied for industry needs.