Risk management practices in strategic management are ever increasingly seen as a competition factor at all levels of management. The recent economic turmoil and its continuing reflections have obliged, especially top managers to take precautions in order to avoid the crisis and its strong effects. Numbers of prudent and conscious organizations have started to implement risk management practices while some of the organizations have remained same. In this study, the process of risk management implementations has been examined in terms of strategic management by reviewing the literature. This chapter discusses risk factors and risk management practices in terms of strategic management in order to understand effects of economical fluctuations on the firms and to keep up with the globalization.