Although it is difficult to clearly identify the extent to which the foodservice industry contributes to food waste, its share is undoubtedly significant. As the hospitality and foodservice industry develops, more and more food waste is produced. The reduction of food waste is a key challenge for the sustainable development of the foodservice industry as it has negative economic and environmental impacts and is ethically reprehensible. The objectives of the study were to develop a risk management model of food waste based on the ISO 31000 standard for foodservice establishments, to learn the causes of food waste, and, on this basis, to estimate the risk of food waste in foodservice establishments. The survey was conducted in 130 foodservice establishments located in Poland using a specially designed questionnaire. The risk of food waste was identified in the studied foodservice establishments, manifested by throwing away of semi-finished products, hot and cold served dishes, bread, vegetables and fruit, expired products, products with signs of spoilage, and products with no visible signs of spoilage. Two risk levels were identified: medium risk for fruits and vegetables, and bread, and high (not acceptable) for the other six foodstuffs. Two risk treatment options were identified: prevention and tolerance.