The study evaluated risk management strategy and performance of food and beverage manufacturing firms in Enugu State. The specific objectives of the study were to; examine the relationship between risk identification and the output and evaluate the relationship between risk reporting and reduces expenses of food and beverage manufacturing firms in Enugu State. The study used the descriptive survey design approach. The primary source of data was the administration of questionnaire. A total population of 3123 staff of the organizations under study was used. To determine the adequate sample size of 213, the study used Freund and William's statistic formula at 5percent margin of error. Two hundred and fifty six (256) returned the questionnaire and accurately filled. Data was presented and analyzed using Likert Scale and the hypotheses using Z-test. The findings indicated that Risk identification had significant positive relationship with the output t (95, n = 256), 4.43 = p. < 0.05. Risk reporting had significant positive relationship with the expenses reduction of food and beverage manufacturing firms in Enugu State, t (95, n = 256), 5.483 = p < 0.05. The study concluded that risk management and risk reporting had significant positive relationship with the output and expenses reduction of food and beverage manufacturing firms in Enugu State. The study concluded among others that the management of food and beverage manufacturing firms should be involved in risk identification gain a better understanding of the potential threats they face and develop effective risk management strategies.