The article describes the risk management process as one of the aspects related to the renewal or modernization of railway vehicles. The first part of the text indicates the difference between the renewal and modernization of vehicles. Normative documents, that required carrying out the presented process with a list of other documents necessary to obtain a permit. are referred to. The main part is devoted to the risk management process, including risk acceptance methods (code of conduct, reference framework and open risk assessment). Additionally, the methods of open risk valuation applied in practice are presented.