A new method for reducing financial risks in portfolios has been developed and tested. It uses a measure called Conditional Value-at-Risk (CVaR) to assess risk. This measure is more consistent and reliable than the traditional Value-at-Risk (VaR). By optimizing portfolios using this approach, the risk of high losses can be minimized. The method can be applied to various financial situations, such as portfolio optimization and hedging options. It is useful for investment companies, brokerage firms, and mutual funds looking to manage risks effectively.