Risk management is closely connected to the construction process. This is relate to the numerous factors that have impact on the construction process, making it inherently exposed to risks. This is why the risks in construction process should be carefully managed, making their impact on the efficiency and effectiveness of the construction process limited. Construction supervision process has an important role in this, managing all possible risks for the investor. Therefore, it is important to identify in adequate detail the functions of construction supervision, its responsibilities and authorizations as well as the construction supervision processes itself. In the thesis, different aspects of the construction supervision process were analyzed and an analytical framework was developed with and aim to identify key supervision sub-processes all aimed at efficient and effective construction process. The performed analysis has provided some expected results – role of an active and continuous supervision process in overall construction process implementation, but also some unexpected results. In the conclusions guidelines for further work in this field are provided, all aimed at the improved construction supervision process.