This graduate thesis investigates the importance of risk management in business organizations with the aim of achieving sustainable and successful operations in a changing business environment. The introduction emphasizes the importance of risk as a key element for achieving stability, competitive advantage and sustainability of organizations and studies the different types of risks that organizations may face. The following is a detailed description of the risk management process itself, along with the principles of the ISO 31000:2009 standard, system implementation, new trends, advantages and disadvantages in risk management, and an explanation of why the risk management process is actually important in order for organizations to overcome possible risks and ensure the effectiveness of risk management. Then, practical examples of the application of different strategies in organizations to face different types of risks are presented, and finally, the conclusion emphasizes the key role of risk management in organizations as a means of achieving stability, sustainable development and competitive advantage. In doing so, organizations are encouraged to develop risk management culture at all levels and to continuously adjust their approaches in order to better cope with market dynamics and changing business conditions.