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Construction Risk Management covers a range of matters and includes amongst others, those that can be defined as any exposure to possible loss.
Because every construction project is different, each offers a multitude of varying risks. To ensure the success of a project, a contractor starting on a construction project must be able to recognise and assess those risks; and then the contractor must be able to manage those risks and all its risk elements.
There are many typical construction risks that might impact a contractor’s success on a project. Construction is a complex and challenging process. Among other things, it requires interpretation of and compliance with many laws, codes, and regulations; gathering of considerable resources, including labor, equipment, and material; and communications with and coordination among multiple parties, such as the owner, the design professional, other contractors and subcontractors, and suppliers, all of whom may have differing purposes and goals.
Construction risk management
What you need to know
When asked by a potential new client, “What is Construction Risk Management?” Karl Bailey, our Health and Safety expert, answered, “Construction Risk management is about helping companies achieve their objectives and make better decisions.”
So if you want to make better decisions in managing your construction risk, please contact us for a complimentary one-hour discussion on how we may assist you.
Identifying Construction Risks
In addition, many factors are unknown at the start of any project. Not surprisingly then, risks are an expected part of this process.
Therefore, a prudent client should be able to understand, evaluate, and manage those risks whenever possible.
Benefits of Proper Construction Risk Allocation
A “reasoned” risk allocation strategy is a “win-win” proposition for all project participants.
Such a strategy tries to allocate specific risks based on an analysis of which party is best able to evaluate, control, manage, and assume the risk.
Proper risk allocation provides many benefits to the project participants and to the project. It frames positive project relationships, thereby reducing the adversarial outlook characteristic of an “all-or-nothing” or “take-it-or-leave-it” approach and the chance for misunderstanding and claims.
With fewer uncertainties caused by unfairly allocated risks, contractors can avoid the addition of cost contingencies in the pricing of project bids and estimates and schedule contingencies.
EMPOWERisk is highly experienced in the construction sector including this sector’s broader enterprise-wide risk management requirements. We deliver within budget and on time, every time – with the highest quality services and products.