Risk assessment is a fundamental stage in the development of new products and systems, especially when adopting novel technologies. While such innovative solutions bring new benefits, they often introduce new risks and hazards that all the stakeholders (engineers, risk-assessment professionals, customers, and final users) are not experienced with. This increases the chance of both late identification of potential risks and the severity and frequency of accidents. Moreover, traditional risk assessment methods can only be implemented in late stages of product development, relying on the availability of physical prototypes. Data and knowledge-based simulations might also fail to identify hazards, since they are based on previous technologies. This work proposes an approach for the integration of Extended Reality (XR) tools into the risk assessment process, exploiting the capability of XR to increase risk awareness, support risk analysis, and enable operational interventions for risk mitigation in product configurations. © 2023, IFIP International Federation for Information Processing.