Professional project management is a basic prerequisite for the successful implementation of complex international projects. ILF Consulting Engineers has created their own Project Management System (PMS), providing several Knowledge Areas (KA) including Project Risk Management (PRM). The KA PRM includes identification and analysis of risks, risk monitoring and control as well as definition of actions for risk treatment. Superior goal was to evaluate if the existing tools, techniques, methods and processes are fit for purpose. Part of the motivation for the evaluation was a study from 2012 according to which about 78% of all large Oil & Gas projects fail, while large projects from other industrial sectors have an average failure rate of only around 50%. According to another study from GPM (German Association for Project Management), the root causes of such project failures mainly lie either with incorrect applied methodology, inadequate soft skills or erroneous procedures in the area of Project Management. The evaluation of the systems was conducted in the context of major midstream projects. For the evaluation a reference model based on selected best industrial practice was generated. A gap analysis on the PMS has been performed in order to identify operational and strategic gaps for the development of an updated KA PRM. A comparison overview states several improvement options and provide also recommendations for the implementation of the created improvements options in the related guidelines, procedures and templates. The full implementation of all improvement options requires a major intervention into the organizations practices and processes. Therefore a roll-out plan including strategies for the further improvement of the KA PRM within the PMS was created. The evaluation and optimization of a PRM System needs to be done in a systematic structured approach. The necessary steps for that approach are briefly explained and some examples are also provided.