The article discusses the importance of managing risks in finance, focusing on global risk management, financial risk types like market, credit, and currency risks, and tools for managing them. It highlights the challenges and strategies for credit risk management in trading and lending, as well as the role of market risk in portfolios. The study emphasizes the gap between the ideal vision of risk management and its practical implementation, and presents a model for global risk management development. It also discusses effective and ineffective approaches to developing risk management strategies.