Cyber Physical Systems (CPS) enable new kinds of applications as well as significant improvements of existing ones in numerous different application domains. A major trait of upcoming CPS is an increasing degree of automation up to the point of autonomy, as there is a huge potential for economic success as well as for ecologic and societal improvements. However, to unlock the full potential of such (cooperative and automated) CPS, we first need to overcome several significant engineering challenges, where safety assurance is a particularly important one. Unfortunately, established safety assurance methods and standards do not live up to this task, as they have been designed with closed and less complex systems in mind. This paper structures safety assurance challenges of cooperative automated CPS, provides an overview on our vision of dynamic risk management and describes already existing building blocks.