Each construction project is exposed to a multitude of risks. The major risks that usually crop up in front of a project manager while helming a construction project are financial, socio-political, environmental, and construction related.
Vacillating exchange rates, material costs, market demand, improper estimation, inflation, payment delays, unmanaged cash flow and financial incompetence of the contractor pose a huge threat of financial risks in a project.
Amendments in governmental laws and regulations, law and order, bribery, payment failure by the government, increase in taxes and change in government form this repertoire.
Inclement weather conditions, natural disasters, accessibility to the site, pollution and safety norms constitute the environmental risks.
Failure of logistics, labor disputes, design changes, labor productivity, rush bidding, time-gap for revision of drawings, shoddy work quality due to time constraints et cetera comprise the construction-related risks.
Through the risk management service, not only you control the risks that can turn into important damages for the result, but you also evaluate the opportunities that contribute to the efficiency of the project.
Risk management during the project includes:
- Identifying new risks and actions to mitigate them
- Defining impact scales
- Quantifying and measuring the impact of risks
- Establishing risk owners
- Providing management of mitigation actions (done as planned and successfully)
- Organizing risk assessment workshops
- Monthly updated risk register
- Lessons learned from previous projects
- Investigations and questionnaires on possible risks
- Assumptions taken and exclusions
- Subcontractor risks
- Risks identified as a result of changes in the project
What BRISK GROUP can do for you:
- We define the risks that may affect the smooth running of the project
- We act in order to prevent identified risks
- We constantly monitor the risks, depending on the evolution of the project
- We prioritize the risks and track their depreciation over time
- We make presumptions and track problems in real time, where needed
- We find solutions for all types of risks that may arise – ranging from utilities risks to proximity risks, risks due to the lack of materials, technological risks, risks of integration of specialties in the project, etc.
- We identify the opportunities of the project, which allow us to make it more efficient in the long run
- We come up with recommendations for capitalizing the opportunities – from integrations that can be made for shared use of some resources to solutions for certain construction systems.