This chapter focuses on formal risk management as an organisational practice and central example an examination of formal risk management procedures in the Swedish Rail Administration authority. The Rail Administration contracted the firm Rail Administration Consulting (RAC) is the responsibility for delivering planning services for the railway plan, the Environmental Impact Assessment (EIA) and the systems document. The objective was the identification and assessment of risks relevant to the railway planning phase by a broad group of specialists. Assessing and calculating risk considers in greater detail how risks were assessed and calculated, using the observation data from the brainstorming exercise. These snapshots of actual practice in the identification and assessment of risk in railway planning show that statistical analysis did not play an independent role in the process of measuring and codifying risk. The case study of railway planning demonstrates how risk analysis embedded in expert practical knowledge.