Constantly evolving business requirements and the large amounts of data involved in concurrent engineering projects are challenges that managers face in managing project risks. This paper proposes an information modeling approach that can be used for the construction of risk models and lessons learnt. Using these models, rapid prototypes can be developed and deployed within a web-based risk management system. The availability of the prototypes allowed early and regular validations of analysis results with actual costing data from case studies that resulted in the improvement of the system’s accuracies.