ERP systems have become everyday life also in small and medium sized enterprises. SMEs are willing to implement ERP systems to develop their operations in order to get benefits in business. In some cases the pressure towards ERP solutions comes from larger co-operating partners. Enterprise Resource Planning (ERP) projects are considered to be expensive, time-consuming, difficult to manage and risky. This paper presents how companies should consider and manage the risks in their ERP project. The focus in a qualitative case study is on Small and Medium-sized Enterprises (SMEs) and it illustrates how the risks in the case firms are identified, analyzed and managed.