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Projects within the development sector is characterized as fragmented, temporary and sophisticated which inherently brings upon risk exposure. Decision makers within the industry need reliant access to information and knowledge so as to manage risks during a sufficient and systematic way. Thus, the implementation of an efficient risk management in reference to managing associated project risk knowledge may facilitate successful construction project endeavors. The purpose of this master thesis is to explore and evaluate project risk management within the Swedish housing industry, with the stress on the attitude of Swedish contractors. The aim is to look at the popularity and practical adoption of risk management so as to investigate how project knowledge is employed within the process. The methodology consists of a literature review on risk management fundamentals, the various risk attitudes and knowledge management in reference to risk. Data collection and analysis are based on a mixed method approach during which conclusions are made in reference to theoretical groundwork. The empirical data is collected through the usage of a web survey and in-depth semi structured interviews with key professionals within the Swedish housing industry. The results from this research indicate that theoretical models and processes for risk management is fairly unknown within the industry, analogous methods are used within respective organizations but the sharing of definitions and ideas within the industry are absent and therefore the methods aren't as structured as described in risk management theory. However, findings suggest that the perception of actors within the industry regarding risk and therefore the risk management process is one among high importance for obtaining project objectives. Furthermore, findings indicate that the interplay between knowledge- and risk management and therefore the incorporation of those processes is underutilized among the contractors and developers.