Defining the concept of risk management, as well as defining the concept of risk to which management refers, and considering the legal aspects of the concept of risk, which is primarily an economic and technical category, represents an extremely complex task, but also a challenge. Therefore, the research for the purposes of the subject work, in the sense of the “search” for a certain legal definition of risk management, will be based primarily on the legal-theoretical aspects of defining insurance, which is based on risk, as well as corporate management. In the subject paper, the author deals with the legal regime of risk management in the insurance company. The research is primarily based on the prevailing doctrinal understandings, but also on the analysis of current and relevant legal solutions. The goal of the research is to reveal the legal nature and dynamics of the relationships established within these institutes, and their importance for the improvement and further development of corporate governance in the insurance company. Also, within this work, the control system will be analyzed with a focus on risk management control. At the same time, the author is of the opinion that the representativeness of the expressed views and their degree of reliability will be best confirmed precisely through the representativeness and credibility of the used sources on which the author’s views are based, which is why they can be given full faith.