University research projects are often characterized by a high level of innovation, which inherently involves uncertainties and risks. This paper addresses these challenges in three steps. Firstly, this paper explores the critical risks, drawing insights from ten different project leaders at the university. The data is qualitatively collected through interviews, highlighting the key challenges in research project management. Secondly, a systematic literature review validates and supplements the interview findings. Thirdly, a digital risk twin based on a Monte-Carlo simulation is developed, incorporating uncertainties, base costs, and time-related risks. This innovative approach enables the visualization of multiple scenarios. The collected data on identified risks during the project and the interview is compared, aiming to validate and enrich the findings. By identifying the most common risks and introducing enhancements by a digital risk twin approach, the research advances the understanding of risk management in university settings. The occurred risks of the project assist in validating the data to develop further strategies for mitigating or avoiding critical risks early. The findings reveal that the most frequent challenges include resource constraints, unexpected research results, and delivery delays. The integration of a digital risk twin to the management of university settings allows for more effective handling of complexity and improved project outcomes.