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This research paper aims at exploring the effects of quality on risk management approaches. Such research is mainly based on an in-depth exploration of various business administration areas such as advanced quality management concepts and up-to-date risk management models / strategies. Throughout the findings, it was clearly addressed that quality affects organizations through the support it offers in managing various types of risks. At the end, a developed model was presented reflecting how quality management contributes towards the minimization of market, enterprise, quantitative and technology risks.