Risk management is one of the most important and critical insurance company’s areas that should be improved under the Solvency II framework. The goal of the research is to investigate the improvement possibilities of risk management under the Solvency II regime. To conduct the research, the authors have used the following methods: theoretical analysis of scientific literature, analytical methods, comparative methods, and modelling. Under the Solvency II framework the authors have prepared the model scheme of operational risk management, the main aim of which is to demonstrate, improve and implement operational decision-making strategy in insurance processes.