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In the dynamic landscape of public administration in Ukraine, addressing risks through innovative approaches has become a critical imperative. The primary aim of this study is to assess the prospects and limitations of innovative approaches to risk management within the field of public administration in Ukraine. By scrutinizing current practices, the study aims to provide insights into the effectiveness and potential hurdles associated with integrating innovative strategies into the risk management framework. A comprehensive review of relevant literature and case studies related to risk management in public administration in Ukraine was conducted. The results of the study reveal a range of innovative approaches employed in Ukrainian public administration for risk management. These include technological solutions, data-driven decision-making processes, and adaptive governance strategies. It also identifies limitations such as bureaucratic impediments, resource constraints, and the need for enhanced legal frameworks. In conclusion, the findings underscore the importance of innovative risk management in Ukrainian public administration. The study advocates for a holistic approach, emphasizing the need for legal reforms, resource allocation, and fostering a culture of innovation within public administration entities. Therefore, the findings highlight the intricate balance between prospects and limitations in integrating innovative risk management approaches in Ukrainian public administration.