In order to achieve an expected final result of construction activities, professional risk management as well as conscious risk allocation among the project actors are required. Various procurement options imply different risk allocation and different degree of actors' involvement in risk management. This paper investigates the impact of the chosen procurement option on risk management in construction projects. Three major options currently used in Sweden are analysed: design-bid-build contracts, design-build contracts and collaboration through partnering. A questionnaire survey and a series of interviews with clients, contractors and consultants involved in nine construction projects were conducted. The major finding of the study is that there is a clear connection between the procurement option and risk management. The options that support early involvement of the actors, their participation throughout the project and opportunities for open dialogue and collaboration result in a more effective risk management process and a better final result.