The insecurities of today's business environment have resulted in huge financial losses that have hit even the largest companies in the world. Because of this, companies have started to apply primitive forms of risk management, the so-called silo – based risk management ("Traditional Risk Management"). The problem with this approach stems from the fact that risks are viewed as individual problems, isolated, without thinking how individual risks affect the company. A systematic risk management (ERM) framework is designed to address this problem. The focus of this paper will be on explaining the risk management system (ERM) and its application in cyber risk management. With it (ERM), and by using the example of Red Hat Inc., the methodology for identification (SWOT, PEST and financial data analysis), assessments (scenario analysis) and risk prioritization (risk map and recommendations) will be presented. The conducted research identified nine key risks that have fallen into the scope of the analysis. The research results confirmed the benefits of using a systematic risk management (ERM) framework, but also some of its disadvantages, which can, in certain circumstances, be minimized by the additional use of ISO 31000 I NIST.