This thesis is based mainly upon literature review drawn from previous researches done on Enterprise Risk Management or similar topics. Moreover, a case-study was done on the data provided by a selected company in the petrochemical industries in Qatar. We have done our best in order to provide references to all sources and previous researches used. Coming from fast growing countries, risk management is a new aspect to raise and study within a company, where most of the companies, where managers must analyse and forecast each step to manage and avoid failure possibilities. After realizing the importance of risk management through our studies in this master, we decided to pursue our master’s thesis in the same aspect with the help of the Enterprise Risk Management department in the selected company. The gathered empirical information from the company helped us to reflect the theoretical framework we had in the literature review. We contributed to the company to analyse the drawn data, in addition to the treatment plans for three (3) selected risks from the Risk Register of the company. We only look at one small aspect of the issues in order to illustrate how these tools could be applied and what might be examined.