This study uses a quantitative method that aims to investigate the relationship between corporate social responsibility (CSR) and firm risk within Swedish public companies. Despite previous research at Anglo-Saxon companies with similar results, authors found cause for further investigation. Authors identified differences in the Swedish context that could affect the earlier found negative relation between CSR and firm risk, thereby legitimizing further examination. The research is built on secondary data collected from Nasdaq, Morningstar, Orbis and the CSRhub database. Through theory of relevance and current research, it develops a hypothesis which states that as CSR increases, firm risk is reduced in accordance with previous research. Testing was done with Pearsons bivariate correlation table and a multivariate regression analysis, controlling for various firm characteristics. The study found no connection between market risk and CSR, but could not determine whether a relationship between CSR and total risk exists within the population, only partly rejecting the hypothesis. The study raises attention as to how the relation between CSR and risk could be different in a context outside the typical Anglo-Saxon population. It could also be used as a base to further research on the cause to the lack of relation between CSR and market risk, in this study’s particular population.