Risk is anything that threatens the present or future of an enterprise, institution, or organization. Risk is an integral part of all business activities, and its effective management not only helps the company prevent financial problems, but also improves the decision-making process. One of the factors influencing company risk is the power of managers. Managers play a key role in advancing the goals of the organization. Undoubtedly, power is one of the ways in which a manager can influence the behavior of her followers. In other words, power is an essential feature of a manager's role and provides the basis for her effectiveness in the organization. According to agency theory, there is a conflict of interest between shareholders and managers. Shareholders prefer higher risk because, if the risky projects perform well, they will receive a good return and, if unsuccessful, will face limited losses. However, managers are risk averse because their financial wealth is tied to the company. Competition in the product market is a powerful penetrator for overcoming the problem of agency between shareholders and managers and increases the effort and motivation of managers to take risks. Strong management in the tough competition of the product market improves financial performance and makes the best decisions for the future. Because the profit margin in competitive markets is low, competition in the market may force a strong CEO to take a risk-taking decision by taking risky decisions. This study examines the impact of competition in the market on the relationship between CEO power and corporate risk. For this purpose, a sample of 124 companies listed on the Tehran Stock Exchange during the period 2012-2017 was selected and tested. For this purpose, to measure the risk of companies, non-systematic risk (standard deviation of market model error), power of the CEO, the standard of the CEO's tenure and competition in the product market, Herfindal-Hirschman index have been used. The results of this study indicate that the power of the CEO has a positive and significant effect on the risk of companies, which means that increasing the risk of the CEO will increase the risk of companies and competition in the product market has a Positive and significant effect on the relationship between CEO power and company risk.