The risk-based approach is one of the keys used in the implementation of management systems using requirements from the management standards. If the management systems are implemented separately, the risks are evaluated from only one perspective, but when two or more systems are integrated, the approach must take into account the synergetic effects of the risks due to system integration. The paper aims to highlight the specific risks encountered when implementing management systems in organizations, underlining the risks associated with systems management and integrated management systems. In this work, a synthesis was presented including an analysis of the risks that occurred during the implementation of management systems and those that occurred during their integration, the need and opportunity of risk management, the advantages, and barriers in the approach of risk management in the industrial sector. The review of the literature comprises the assessment of 190 papers, 11 books, and 5 standards. The content of the paper highlights a synthesis of risk-based thinking and the risks that can manifest in the implementation of quality, environmental, and occupational safety and health management systems in industrial organizations, as well as those which can manifest in the implementation of integrated management systems. In addition, the benefits and barriers in risk management and risk management strategies, with an emphasis on the presentation of the Deming approach to risk management, were evidenced. Some recommendations and proposals for future research were made.