There is a common understanding of convergence in Nordic security policy following Russia's full-scale invasion of Ukraine in 2022. However, recent new Nordic NATO memberships have put the spotlight on the role of NORDEFCO. Through comparative discourse analysis of Norwegian and Swedish security reports, this thesis analyses how these countries construct and contextualize threats and risks in relation to NORDEFCO and NATO. Moreover, it investigates whether NORDEFCO serves as risk management and offers a nuanced view of hedging as a risk management strategy. This thesis uncovers differences in threat and risk construction between the two countries. For Norway, NORDEFCO is constructed as a buffer to mitigate the risk of NATO becoming paralyzed, whereas in the Swedish context NORDEFCO is constructed as a highly important prerequisite for NATO’s operational function. The findings may contribute to the understanding of potential future challenges for both the Nordic countries and NATO.