Risk management is one of common, management areas to consider when planning innovation implementation on any of planning levels, while there are number of potential miss-applications in particular instances due lifecycle differences of innovation and risk management. During research it was identified that one of hard to identify risk management problem is time horizon for assessment and this aspect was further analysed for conceptual understanding. Risk management process lifecycle, have several generic phases, as planning risk management, risk analysis, risk mitigation, issue and of incident management, what identifies activities to be planned as actions for implementation and particular implementation schedule while rest of identified items are considered as risks. Due nature for innovation lifecycle, long term impacts are analysed less, than immediate effects of risk management activities, thus potentially becoming long term liability. Due the specific of process, risk event or impact of mitigation is separated into time making it challenging to collect particular feedback and link with decisions made during planning activities. Research is aimed at identifying theoretical model with time line separation aspects inducing significant impact on decision-making for improvements for planning with the assessment of mitigation activity results and feedback loop identification. One of identified planning pitfall are aiming for “quick wins” while trade-off longer term aspects. Research methods used – literature overview, and assessment of practical works in academic work. Main conclusion: With relevant risk impact assessment feedback utilisation during any planning, it would provide improvement of planning and, as part of risk management processes would lead to improved long-term impacts with an increase of the quality of planning with better sustainability of innovations.