In the article, the types and formation of production risks, their causes, their impact on the financial result of the enterprise and the development of the industry were studied. Through the historical and logical methods of research, the stages of formation and development of ideas about risk and its impact on economic activity were analysed. Different definitions of risk available in international standards were reviewed, and the main points describing the economic content of risk were analysed. Based on the considered approaches, the author's definition of risk was given. Proposals and recommendations for improving production risk management were developed. In addition, attention is paid to different classifications of risks, and the most popular approaches to their classification were analysed. Consideration of risks from the point of view of quality management, on the one hand, allows integrating their management into the management system of existing enterprises, on the other hand, to respond more effectively to possible changes and use a unified management mechanism.