Projects have become a reality of our times, with such a tool more and more challenges of various kinds are being solved - social, economic, cultural, educational, scientific, etc. Within them, regardless of the field of implementation, certain similarities are outlined regarding the stages of the projects development. Among these common challenges we mention project risk management, as an indispensable part of an efficient and qualitative project management, to ensure the achievement of the planned objectives. It is from this reality that the widespread dissemination of the working method through projects derives the topicality of the research carried out. In this context, the purpose of this article is to investigate the essence and particularities of project risk, the challenges they pose to the project team, and the components of their effective management as an integral part of project quality management. The research methodology focused on studying the existing scientific approaches in the researched field, especially the analysis of bibliographic sources through methods of analysis and synthesis, induction and deduction, the comparative research method, etc. At the end of the paper, the author comes with the generalization of some conclusions regarding the approached problem.