The implementation of the Project “5 into 100”, like any project to modernize the Russian higher education system, is largely determined by the quality of this project management. The most important characteristic of the management quality is risk as an indefinite possibility of a negative result, which is a consequence of making a certain management decision. The article illustrates the risks of all levels of management on the Project “5 into 100” as risks specific to the reform of the entire Russian higher education. It is shown that the public administration on the Project “5 into 100” cannot be called successful and efficient. The article also analyzes the impact of pandemic risks on the Project “5 into 100”.