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The purpose of the article is developing a risk management system in the aviation industry. After analyzing the works of many scientists, such concepts as «risk», «risk management» were considered and their importance in business was highlighted. This article provides a coefficient analysis of the financial condition of one of the largest airlines in Ukraine PJSC «International Airlines of Ukraine». The authors pay special attention to external and internal factors, which are the main result of losses from the decline in air traffic, to regional factors that shape the demand for air traffic within a particular area and directly affect the efficiency of the airline. Therefore, the authors present regional factors that affect the results of economic activity and financial stability of the airline. As a result of the study, we observe that one of the preventive methods of risk identification is targeted management, which in essence is a way to achieve effective business structure in the future. The development of a risk management system should be an integral part of its targeted management. The authors have developed a risk management system for this company, which has a clear structured approach that combines strategy, business processes, staff, technology, experience and knowledge. This system is the basis of the corporate governance system, which requires a long transition period, as well as a significant increase in the professional level of staff. At the risk assessment stage, the authors propose to consider sources of information to compile a risk map. In addition, the authors believe that it is necessary to carry out general monitoring of processes occurring in various departments of the airline in order to identify new, unspecified risks, as well as new business processes that may involve risks. A new risk management process is proposed for this control. Creating an effective risk management system allows to ensure a high level of quality and rationality of management decisions, which enables the company to achieve strategic and tactical goals. [ABSTRACT FROM AUTHOR]