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Today's business systems are faced with an increased intensity of changes from the environment, growing complexity and increased competition, which affects the increase in the level of risk in all areas of management and execution of business processes. Therefore, Risk Management (RM) discipline and practice is increasingly applied in almost all types of business systems. RM is the systematic approach of identifying, estimating and reducing threats or uncertainties that may influence organizations. This article presents the proposed model for monitoring and managing business risks, including strategic and operational goals, organizational responsibility and management, business performance, internal audit and internal control, application of information systems and the success of business processes. The research was conducted on a sample of 387 respondents, employed in manufacturing and service companies. The research results show that organizations that accept the proposed model have a chance to successfully manage risks in their business processes. [ABSTRACT FROM AUTHOR]