The research discusses management strategies for addressing production risks in the polyculture cultivation of milkfish and vaname shrimp in Bulukumba Regency. Effective management is necessary to minimize these risks and optimize profits for business operators. Production risk management is carried out using Value at Risk (VaR) analysis, based on observations and meetings with business operators and fisheries services. This approach helps identify and address sources of production risk in the polyculture of milkfish and vaname shrimp. The findings show that both the probability and impact of risk sources are higher for vaname shrimp than for milkfish. Feed is the largest source of risk for milkfish, while disease poses the greatest risk for vaname shrimp. Conversely, feed is a minor risk factor for vaname shrimp, and disease is a smaller concern for milkfish. Risk mitigation strategies include: (1) carefully monitoring the dosage of saponin poison used to eradicate pests; (2) ensuring the correct dosage and application of urea fertilizer, TSP, and feed; (3) controlling water quality; and (4) selecting high-quality seeds.