Risk management as a business theme occurs continuously in all branches of business through all segments of the company. The importance of timely recognition of the risks that arise is extremely important for successful business operations and business improvement. In order to be able to manage risk at all, it is necessary to evaluate and analyze it. The fast moving business environment as well as the overall modern living requirement to deliver quality, efficient and fast business decisions that will contribute to business development and efficient organization management. In the first part of the paper, the general concept of risk will be elaborated, as perceived and what it is all about. Risk as such does not necessarily represent only a damaging outcome but can also be a positive outcome. Then the risk assessment will be explained through three basic constituent parts of the assessment: identification, analysis and evaluation, and the tools for risk assessment will be clarified. After detailed assessments, it follows the clarification of the risk management process itself and the responses to the risks available to anyone who needs to find solutions to improve business and production processes. In the second part of the paper, the ISO 31000 standard will be elaborated, which consists of guidelines that help companies to deal with day-to-day business risks. The principles, the framework and the risk management process are explained in detail. Then the most favorable analysis method was explained, which is the FMEA analysis. The detailed description of the steps and the implementation of this risk assessment analysis are given. The third part deals with the application of elaborated theoretical knowledge in the field of risk management in the example of business and production of AD Plastik. By capturing and studying the manufacturing process and business, the problems that arise are noted and will try to provide solutions to improve the existing situation. The conclusion is that risk management has an extremely large role in business creation, so it is necessary to think at every step how it is possible to improve and improve the current process.