This PhD thesis represents a theoretical and practical contribution towards understanding the early warning system of strategic risks in companies operating in international markets, which should indicate to both threats and opportunities. The problem in this PhD thesis is the efficacy of Croatian companies in international business, and the subject of the research is the contribution of the early warning system as an integral part of an effective risk management system to increasing the efficacy of Croatian companies in the international market. Introductory discusses contemporary business conditions characterized by the dynamics and complexity of the environment (turbulence), and the increasing differentiation within companies. Such business conditions make it difficult to see the consequences of future business events and situations, and increase uncertainty in each segment of the business. Management is required to look ahead, ie to look into the future and act proactively, and management is increasingly focusing on business risk management. The early warning system is one way of foreseeing the future and managing strategic business risks. The theoretical chapters of the PhD thesis explain the conceptual definition of strategic risks in international business and the early warning system, describe the process and present a synthesis of theory and practical examples of early warning systems. The research chapter of the PhD thesis present the results of an empirical survey conducted through the survey on a sample of Croatian companies operating in international markets. This fulfilled the goals of the PhD thesis, and while examining the development of the early warning system in Croatian companies operating in international markets, a low level of system development was found, that is, the system was developed only in large companies. Based on the respondents' response about the importance of certain potential components of the early warning system, ie the respondents' views on indicators, methods, techniques of the early warning system, a ranking of priorities was made and an early warning system of strategic risks in international business was formulated for Croatian companies. The hypotheses were without doubt confirmed, based on which it is concluded that the model is sustainable over a longer period.