The quality management system and the requirements of the ISO 9001 standard emphasize the importance of identifying, evaluating and defining risk management measures in order to generate the achievement of goals in the management of all processes in the company. External risks, dominantly determined by the current economic and geopolitical circumstances, determine both survival and the potential for improving the competitive position. The business practice of the company in the conditions of the Covid-19 pandemic, the crisis in Ukraine and the current global recession crystallized the importance of risk management for successfully overcoming all consequences and realizing the mission, vision and business goals. Establishing efficient and effective risk management is an important predictor of generating success in all areas of management, especially important aspects of supply process, i.e. supplier relationship management, customer relationship management and the entire supply chain management, which is the main topic of analysis within the paper. The paper also partially deals with the analysis of the impact of risk management on reaching the level of business excellence, which is, in the business practice of companies in the conditions of the global recession, crystallized as one of the key competitive advantages.