The key feature of the contemporary setting of risk management is fast risk; new risks come to the agenda in response to changes in the banks' character and the setting where banks operate worldwide. If a strong managing framework has been set up to identify, mitigate and control risks, there is no reason for concern: taking those risks remains the core activity of banks. Contemporary bank management theory recognizes several fundamental, i.e. original risk types. These include solvency, liquidity, credit, interest rate, pricing and operating risks. In practical terms, approach to risks should be viewed as a set of activities aimed at: - risk identification, as a set of analytic techniques for establishing the elements of uncertainty, thereby providing a basis for grouping risks for the purpose of assessment; - risk assessment, in the sense of establishing potential loss; - risk relativisation, i.e. risk control, as a set of methods for risk removal, mitigation or acceptance; and - risk financing, as a sequence of procedures for mitigating or absorbing accepted risk by transfer to other entities, securing through hedging transactions, or insuring with specialized institutions. All of the above enable quantifying the impact of risk on bank profit, and then the bank's own assets as the indicator of solvency, i.e. global ability to take the risk of business operations. Risk is the essential feature of banking activities in market conditions, and the bank's entire business strategy and organization are subject to it. Consequently, pointing to the risk management methods and procedures in banking operations, that is, as it is done in contemporary banks of developed market economy, with a particular stress on managing basic portfolio risks (exchange rate, credit and liquidity risk, as well as the complete vertical integration of processes and toolkits, may be of great significance for our banks.