Project risk management aims to help decision-makers reduce the impact of risks on project goals like time and budget. Analytical models are used to evaluate and treat risks, with a focus on quantitative tools like RFMEA. These tools can lower costs, improve schedules, and enhance product performance. The study explores how risk management tools can be integrated into organizations, particularly in the engineering sector. With the rise of Industry 4.0 in the automotive industry, there is a shift towards managing innovation in risk management processes. The research outlines current trends in risk management.