In a world risk society, managing risk is a daily challenge for all social workers throughout the world. Risk can change over time depending on a whole range of factors. Risk management is essentially a teleological approach to ethics and refers to efforts to protect clients (mainly persons in vulnerable and difficult life situation), practitioners, and employers. Ethical awareness is fundamental to the professional social work practice where respect for human rights and diversities, a commitment to promoting social justice, taking collective responsibility are the core of it. The purpose of this paper is to analyse the main risk management and ethical issues in contemporary social work practice. The theory and practice of risk management and ethical issues in social work are reviewed and summarized. The most common risks facing social workers are identified and the main risk management approaches are highlighted. It is found that risk management is a dynamic and evolving process and requires development and use of different skills for work with risks and ethical issues. Social workers could use a variety of methods to manage risks and ethical issues namely consulting with a supervisor, applying the Code of Ethics, using a decision-making model for critical thinking, and applying ethical theories (deontology, teleology). It is concluded that ability and commitment of social workers to act ethically is one of the essential aspects of risk management in social work. Recommendations concerning the development of the social work practice regarding the risk management and ethical issues are given.