Most earthworks result in an alteration of the stress state in the ground, either throughthe excavation of soil or the placement of surcharge on the ground surface. These stress changeshave the potential to cause a slope collapse or failure, often with large consequences for theconstruction project or the immediate environment. Slope stability calculations are thereforefrequently carried out for various load and excavation stages in the design phase to reduce therisk in the construction phase. Nevertheless, slope collapses sometimes occur, both small oneswith minor consequences, as well as larger ones with significant consequences for society. In thecurrent paper, a case history of a slope from Scandinavia is examined to assess how the risk ofslope stability was managed and allocated among the various agents, and how the slide coulddevelop. Was the risk acceptable for society on an aggregate level? The soil conditions and theconstruction process for the case studies are elaborated in detail with respect to the riskmanagement principles in ISO 31000 and the recently published guidelines from the SwedishGeotechnical Society. The risk acceptance and the concept of the risk owner, i.e. the entity thatowns the specific risk, is discussed for the case study, as well as the consequences of the specificconstruction contract. The acceptable aggregate risk, i.e. the risk the local and national authoritiescan permit, is elaborated.