The article considers the influence of the mentality, cultural code of a Russian person on risk management. The work consists of three main parts, which prove the need for modernization conducive to economic growth. The study examines the indicators of economic growth, raising these indicators determines the path of modernization of Russia as a whole. The paper proposes to consider risk management from a different «angle», in particular, by creating its own national act, which will take into account all the cultural characteristics of the country. The relevance of the work is shown by the need for competent management of risk management, analysis of factors that can both positively and negatively affect the application of Western approaches to risk management. One of these indicators is the national mentality, the cultural code of the people.