The purpose of the publication is to analyze points according to risk management functions development due to Solvency II directive requirements. Solvency II directive requirements should establish common risk management principles for every insurance company’s solvency in European Union. Following the requirements and principles of the regulatory documents (procedures) and taking into account the results of operating analysis of the insurance company, the authors of the publication have identified the risks of the company and proposed the main principles of risk catalogue creation, which is one of the improvement mechanisms for risk management. On the risks catalogue basis the authors perform risks matrix which analysis is a component of risk management. Also is explained losses database implementation algorithm in MS Excel environment that helps to create data output base to perform operational risk management.