The main purpose of this paper was an identification of ways of managing risk by oil and fat processors engaged in rapeseed processing. Empirical research was conducted in 2013 among 7 enterprises of oil and fat industry. Based on the survey it can be stated that the respondents in the recent years have come into contact with situations threatening the functioning of their activity. The most common way to reduce risk used in oil and fat processors was cooperation with other entities within the framework of vertical integration. Moreover, oil and fat processors to a limited extent have used alternative risk reducing tools, including: insurance, risk fund and derivative instruments.