This work includes the analysis of external environment, the analysis of industry in which the company operates and the analysis of internal environment as part of business and financial analysis. Pro forma financial statements and the weighted cost of capital necessary for the calculation and discounting of free cash flows are produced. Having conducted the analysis, the goal of this paper is to subjectively identify risks that largely influence operations of the company, to quantify risk by applying the method of riskiness of cash flows, to make a risk map and propose a measures which will enable the company to protect and create a complete strategy of management. This analysis has shown that the company is exposed to a specific risk to the extent that its occurrence influences the company structure, and with that how it affects the value of the company. Also, CIAK Grupa manages business risks using different strategies of management dependent upon their significance and probability of appearance. The main observation indicates that the CIAK Grupa through business growth and expansion is getting more exposed to business risks whose influence is ever more significant, the probability of risks occuring is hardly predictable and management measures are limited. Therefore, the implementation of integrated risk management in coming years is of extreme significance for the preservation of market position and the value of the company.