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Abstract-The article is devoted to the most innovative and relevant areas of business management, taking into account risks. The goal of risk management should not be reducing risks, but ensuring that a decision is made taking into account risks. Reducing financial risk involves the implementation of organizational measures that contribute to the prevention of losses. Risk assessment involves the adoption of possible losses and planning their financing in support of the investment decision. According to it, tools of risk management include instruments of risk mitigation and risk assessment. To reduce the risk in financial management, it is advisable to use a number of organizational risk management tools in order to influence certain aspects of the enterprise activities. Also a firm can minimize financial risks by establishing and using internal financial standards in the financial process as a whole. For that purpose, the enterprise risk management process is proposed. It consists of identifying risks, analyzing and prioritizing risks, minimizing risks, monitoring and managing risk culture.