You’re in construction management and you want to up your risk management game. What’s the best way to do it?

One must understand their business, some inherent risks are obvious and always there to decide to do business or not. The risks for which alternate options are available, one should identify and decide his course of action.

Most large scale projects have well developed tendered risk profiles. However once the project enters initiation phase the risk tends to focus on bottom line performance but without the correct risk allocation to lowest cost options. The team tends to want to satisfy corporate bottom line profit improvement strategies without due regard to risk. As senior managers we need to ensure that in the pursuit of profit we don't unnecessarily expose further risk to the project so risk management is on going and should be more rigorous to obtain best for project outcomes.

If you "know" your risk in construction then you must have experienced them previously and know how to deal with them. It's when you "don't know what is on the other side of the hill" (Napoleon?) that you need to use your intuition and management skills to deal effectively with the unexpected risk. Above all DON'T PANIC. Review the problem, weigh up all possible alternative solutions, prepare a Pros v Cons list, choose wisely. Then execute your decision.

The Hazard register has to be a continuous process. New hazards are introduced and others are eliminated. Control measures may also change as technologies and continuous improvement initiatives take effect. They should be referred to during incident/accident investigations to determine if any new hazards that may not have been listed are now included and to strengthen existing controls if they were identified as a factor.

We can create a Risk Scorecard with set of parameters defined in categories such as legal, compliance, financial, social,safety, political, functional etc. aligned to different stages of project life cycle. Then the score can be used to have priorities and mitigation plans.

To enhance your risk management game in construction management, here are three key plans you can implement: 1.Risk Identification Plan: Identify potential risks in your projects. 2.Risk Mitigation Plan: Develop strategies to minimize risks. 3.Risk Monitoring Plan: Continuously monitor and evaluate risks throughout the project. By implementing these three plans effectively, you can proactively manage risks in your construction projects and enhance overall project success.

In the risk management plan, it is important to include each risk's rating based on severity and likelihood in order to prioritize your efforts. Let us remember this plan is a live document that needs to be updated and followed up in a periodic basis with preventive and mitigation actions and responsible people.

Risk management plan in a construction site is a comprehensive strategy designed to identify, assess, prioritize, and mitigate potential risks and hazards that may arise during a construction project. The purpose of the plan is to proactively minimize the impact of risks on the project. The key components risk management plan for the construction site: 1. Risk Identification 2. Risk Assessment 3. Risk Mitigation Strategies 4. Risk Monitoring and Control 5. Contingency Planning 6.Communication and Documentation 7.Training and Education 8. Review and Improvement By implementing a well-defined risk management plan in construction projects can minimize the occurrence of accidents, injuries, delays, cost overruns, and other potential problems.

The eight most important ways to manage risks in construction 1. Engage in risk and vulnerability assessments 2. Identify weaknesses and priorities 3. Plan ahead 4. Invest in appropriate countermeasures, mitigation strategies and response solutions 5. Invest in a third-party regulatory conformity assessment 6. Providing appropriate training 7. Engage in frequent testing 8. Invest in commissioning

Communication + accountability = Reliability. Ownership and understanding/implementing correct risk strategies thru collaboration.

It is very crucial to have proven system and process in place for monitoring and controlling. Definitely helpful to review, update and communicate your plan which you prepared before start of project. This plan should be specific based on deep analyzes.

Risk management often misses out on keeping a close eye on things, especially when projects seem to be going well. But changes in the project's goals, along with quick shifts in costs and available resources, make it really important to always be alert. Using technology, like AI, is changing the game by helping spot trends and handle risks better. By taking advantage of these tech tools, we can stay ahead of problems, including those from changing project goals, making sure projects can keep moving forward smoothly, even when unexpected changes and challenges pop up. This careful watching and acting is key to keeping projects on track in a world that's always changing.

Risk management is an ongoing and systematic process during the complete duration of the considered phase of the project life cycle. Monitoring and control must include the continuous (periodic and systematic) review of the risks. Have new risks appeared? What has changed in the existing ones? Have some risks reached an end? Have some risks happened, converting themselves in issues? What´s the status of the implementation and how it compares to the planned? As a result of this monitoring actions could arise to improve risk performance. All results are to be recorded and reports prepared and distributed to the right people.

As a project manager, it is crucial to keep a close eye on the progress of your project and identify any potential risks that may derail your project. You must carefully monitor the project's performance and ensure it aligns with its objectives. In case of any risks, you should proactively identify and execute strategies to mitigate them and prevent them from escalating. By doing so, you can ensure that your project stays on track and delivers the expected outcomes within the set timeframe and budget.

You are correct that “risk management is not a one-time activity, but an ongoing process”. In fact, I would go further and say that true risk management is a culture, an ethos. In a high risk industry such as construction it should be embedded in and fundamental to everything that you do. Your operating procedures and processes should be written with risk management at their core. The biggest cause of failure and underperformance in construction companies is failing to properly understand, embrace, and focus on risk management. Those that do, when coupled with technical competence and commercial acumen, are those that are successful.

By streamlining operations with technology, we’ve evolved our business with real data and analytics. The best way we know to manage risk, is to plan ahead. Pre-construction planning, scheduling and budgeting is not just about mapping out finishes or milestones, it includes solid R&D on the project, possible scenarios, outcomes and opportunities for failures. Good project managers know that technology is a good tool for record keeping and centralised communications. Regular review and reporting is equally important when considering potential project risks, often an opportunity to fix the problem before it’s a problem in the first place.

One thing I have found helpful, is the use of Primavera Risk Analysis tool in which a risk model is reviewed in a Risk Analysis meeting in the presence of Risk specialist. It shows the criticality index of activites and deterministic completion date along with a dynamic risk register which is mapped on scheduled activities. It adds clarity to risk management and mitigation steps are discussed, approved and implemented to keep the project on track.

Steps for utilizing technology for risk management by enabling real-time monitoring of project progress, tracking of material and equipment deliveries, and identification of potential delays. Building Information Modeling (BIM) software facilitates accurate project visualization and clash detection, reducing design errors and rework risks. Drones and sensors enhance safety inspections and data collection, mitigating on-site hazards. Project management software streamlines communication, resource allocation, and schedule adherence, promoting efficiency and transparency. Overall, technology enhances risk identification, assessment, and response in construction projects, leading to improved outcomes and stakeholder satisfaction.

La Gestión del control en el cumplimiento de los requerimientos para mitigar los riesgos en el trabajo se ve potenciada a través del uso de herramientas digitales. El uso de planillas digitales de auditoría agiliza el relevamiento, el control y el seguimiento en el cumplimiento de normas de seguridad en el trabajo. Control management in compliance with requirements to mitigate daily work risks is enhanced through the use of digital tools. The use of digital audit forms improves the survey, the control and monitoring of safety standards workplace compliance.

In today's construction landscape, managing risk effectively is paramount. The good news is, technology offers a powerful toolbox to elevate your risk management game. By leveraging software and applications, you can: Consolidate data: Ditch the spreadsheets! Software can collect, store, and analyze risk data from various sources, providing a holistic view of potential issues. Automate processes: Streamline repetitive tasks like risk identification and mitigation planning, freeing up valuable time for strategic decision-making. Visualize risks: Translate complex data into clear, actionable insights. Heat maps, simulations, and other visual tools can pinpoint areas of high risk and guide mitigation strategies.

Lessons learned and continuous improvement plays a pivotal role in upping your risk management game. Conduct post-project reviews and lessons learned sessions to evaluate the effectiveness of risk management strategies implemented during the project and identify areas of improvement to be considered on the next project.

In my perspective, learning and improving through is one of the best ways to enhance your risk management skills. With each passing day, due to swift changes in the landscapes of science and technology, we are witnessing innovation in tools, techniques, and methods in a fast pace. This demands to us to remain updated of these new progresses going on around us. Moreover, other ways to improve risk management skills include brainstorming with experienced individuals, reading, and practicing your knowledge in real world project.

A continual missed opportunity within the construction industry is not undertaking effective lessons learned exercises, if undertaking them at all. It is often said that “the definition of insanity is repeating the same actions and expecting different outcomes”, and yet, all too often, this is the reality of the construction industry. Slow to learn, even slower to evolve and change. One of the most effective ways to improve your risk management, is to learn the lessons of the outcomes of previous risks and of those risks that you didn’t even identify beforehand.

Continuously evaluate and learn from your risk management experiences. Conduct post-project reviews to assess the effectiveness of your risk management strategies and identify areas for improvement. Incorporate lessons learned into future projects to refine your risk management approach continually.

1.Case studies on Risk management will help a lot . 2.Abreast urself on modern trends of Risk management to cater for , with current and upcoming challenges .

Involve subject matter experts Expert judgment, gleaning from seasoned professionals or consultants is an indispensable area to be overlooked. These experts offer invaluable insights into identifying, analyzing, and mitigating risks. Drawing from their wealth of experience will help the upcoming construction managers to make sound decisions when they are faced with similar situations. Expert judgment bridges theoretical frameworks with practical applications, enabling informed decision-making and proactive risk mitigation.

Stakeholder involvement: Engage stakeholders, including clients, contractors, and subcontractors, in the risk management process. Their input and perspective can help identify additional risks and improve the effectiveness of risk mitigation efforts. Regulatory compliance: Stay informed about relevant regulations and ensure that your risk management practices align with legal requirements. Non-compliance can lead to costly penalties and delays. Insurance coverage: Review your insurance policies to ensure adequate coverage for potential construction risks. Work with your insurance provider to tailor policies to the specific needs of your projects.

A risk may or may not happen in the future but when a risk is realized it becomes an issue. Issues have to be immediately mitigated and closely monitored so as to reduce the negative impact. Issues which are always negative need to be communicated to all stakeholders to find amicable solutions in a timely manner.

There are some constraints getting identified during the lookahead planning or production plans. If these constraints doesn’t get resolved on time, they might convert into risks. Hence, identifying constraints during lookahead planning and developing a constraints log, which need to be tracked on daily basis during daily huddles for resolutions / actions taken.

En ADIF, tanto en proyectos de Instalaciones de Seguridad y comunicaciones, como en el montaje de infraestructura, vía y energía, se aplica el Método Común de Seguridad Europeo, MCS 402. En donde mediante varios documentos, y un Excel de registro de peligros y sus mitigaciones, y un equipo evaluador, se revisa que los procedimientos, antes, durante y en la puesta en servicio, se tiene control sobre los posibles riesgos hasta el día de autos, cuando se pone en servicio.