We propose a risk-aware crash mitigation system (RCMS), to augment any existing motion planner (MP), that enables an autonomous vehicle to perform evasive maneuvers in high-risk situations and minimize the severity of collision if a crash is inevitable. In order to facilitate a smooth transition between RCMS and MP, we develop a novel activation mechanism that combines instantaneous as well as predictive collision risk evaluation strategies in a unified hysteresis-band approach. For trajectory planning, we deploy a modular receding horizon optimization-based approach that minimizes a smooth situational risk profile, while adhering to the physical road limits as well as vehicular actuator limits. We demonstrate the performance of our approach in a simulation environment.