The reliability of the ITER tokamak will strongly depend on the safe operation of the cryogenic system. The objective of the performed risk analysis is to identify all the possible risks to personnel, equipment and environment resulting from cryogenic system failures that might accidentally occur within any phases of the machine operation, and that could not be eliminated by design. The applied methodology of the presented risk analysis is based on the Failure Mode and Effects Analysis. All the potential failure modes were analyzed to identify their possible effects and then to classify them according to their severity and probability of occurrence. The Pareto-Lorentz analysis has been used for ranking all the identified failures and determining the most credible incidents and scenarios. For the most credible scenarios numerical simulations of the helium outflows from the system have been performed, including analysis of the helium flow impact on the neighboring confinements. Conclusions concerning the sy...