Complex business environment characterized with market risks, changeable and unstable political and social relations, changeable legal regulations, and danger of natural disasters, hides numerous business risks which can seriously threaten the competitive position and survival of the company. On the other side, strategic, operational, financial, and management risks, as components of the internal risk, make the achieving of business goals of the company harder in a significant extent, and they open the issue of management’s ability to successfully manage all of the mentioned risks. One of the most important instruments for protection of the company against the threats coming from the inside and from the outside is an efficient risks management system. Therefore, the companies are becoming able to timely identify, measure and implement the proper risk analysis. The issue of the internal business risks management was approached from two aspects in this paper. On one side, the analysis of the fundamental factor model was done, which is used for assessment of the expected yield and shares risk, and for portfolio management, which represent an important component for measuring of the business risk. On the other side, the possibilities for application of modern approaches to cost management in the supply chain were reviewed, as the crucial moment in prevention of disturbances in its functioning, which can have devastating and far-reaching consequences for the company. In connection to this, the possibilities for application of the ABC/M and Target Costing approach to cost management were analyzed, in function of the improvement of the supply chain management quality.

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