Risks and losses remain one of the factors that are inextricably connected with business, and it is extremely important for specialists working for large companies to be able to minimize the negative impact of these factors on performance of enterprises and the quality of products and services that they offer. Speaking about numerous practices used by managers in order to secure businesses, it is necessary to state that a lot of researchers set traditional approach to risk management in opposition to Enterprise Risk Management or ERM which is discussed in the present paper. Comparing these approaches, many people highlight that the latter involves practices that encourage innovation in different spheres of business whereas traditional risk management just focuses on thorough analysis of circumstances and necessary responses. Considering the fact that ERM is supposed to be an innovative approach that propels risk management to the next level and provides managers with extended opportunities, it can be important to analyze and assess its effectiveness, studying business performance of a particular organization. In the given report, the example of Mars Inc. is used to demonstrate the way that innovative risk management practices are used. This organization has been chosen due to a few reasons. To begin with, the company is known as one of the most famous manufacturers of alimentary products, and its financial success indicates proper risk management measures taken by its specialists. More than that, the implementation of ERM program was started about fourteen years ago; thus, the experience of this corporation allows researchers not only to study the outcomes of the program but also to understand how these risk management practices have changed since that time. The report focuses on such issues as strategy, current performance, and a view of proper risk management practices expressed by specialists from Mars. Continuing on the topic, the report touches upon the history of Enterprise Risk Management and innovations related to the sphere. Apart from that, it analyzes ERM practices utilized by the chosen company by comparing risk management measures taken with the COSO model which was developed fourteen years ago. Due to that, it becomes easier to evaluate risk management strategy of Mars. Also, the report discusses issues that surround risk intelligence in the company and proposes certain recommendations that are supposed to enhance capability of the Enterprise Risk Management program developed and implemented by specialists from Mars. Mars, Incorporated as a Key Business Player Mars belongs to the number of the most famous enterprises related to alimentary products; the goods produced by the company are consumed almost in every country of the world. More than that, its financial success is obvious as Mars is listed among ten largest companies that were established in the United States. The given company owns a range of brands producing chocolate, bubble gum, beverages, food, and even products for pets which remain extremely popular among people of different generations. The popularity of the products produced by the company is difficult to overestimate as the particular brands owned by Mars inc