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Investigation of risk management issues requires careful analysis of its components to highlight the main elements of the functioning of the risk management process and the mechanism for its implementation. In the article based on the conducted analysis, the components of the risk management process are identified and the importance of the risk assessment itself is established as the basis for developing an effective policy for managing the specified process. In the course of the research it was determined that many scientists and leading risk managers allocate a qualitative and quantitative risk assessment, which consists not only in determining the probability of occurrence of those or other events, but also identifying possible losses from the occurrence of adverse events. In addition, the main existing approaches to risk assessment are analyzed; their grouping was carried out according to certain methodological features with subsequent analysis and highlighting the advantages and disadvantages of the application. In addition, approaches to risk assessment methods used by the Ministry of Defense of Ukraine and the Armed Forces of Ukraine have been investigated and appropriate conclusions have been drawn from the identification of practical recommendations for improving the effectiveness of the risk management process.