“Risk management as a discipline is becoming far more prevalent for the success of projects.”Īccording to RICS, the success of construction projects can be gauged on the “ability of the professional team to mitigate threats and maximise opportunities in relation to the overall objectives of the project.” However, as the Royal Institute of Chartered Surveyors (RICS) noted in its Guidance Note, Management of Risk, the further a project advances through the lifecycle, the harder it becomes to make changes that can mitigate, manage or avoid them. Risks exist at every stage of the project lifecycle, from design through to commissioning and handover. McKinsey and Co in a recent report on supply chain risk outlined four main risk types: “manageable surprises,” which are hard to predict but manageable like supplier bankruptcy “brewing storms” which will have a high impact but can be predicted beforehand, such as regulatory changes “business challenges” which are low-impact and can be managed easily and, “black swan events” which are hard to anticipate and have severe impacts, such as the COVID-19 pandemic. The construction risk manager acts as a champion to improve processes and approaches, leading the company to new ideas and improved overall business management. What’s more, in many companies, there is often a construction risk manager, an individual hired especially for risk management. Safety and managing project risks are something Whiting believes any competent person can do. “Construction risks, in addition to occupational health and safety, are complicated by dynamic, ever-changing conditions that create daily risks to contractual and legal obligations, productivity, schedule, budget overruns, assets, environment and reputation,” Whiting added. They get distracted, or even ignore, other crucial risks and opportunities,” Whiting said. “Individuals and organisations often become engrossed in immediate risk exposures and their effects, such as COVID-19. They don’t always receive as much attention because they don’t always seem as urgent, according to Jim Whiting, construction risk manager and Director of Soteris. Managing workplace health and contractor risks is fundamental in construction, still many other kinds of risks can compromise projects, profits, and reputations. Building anything involves managing project risks-and while the spotlight recently has been on health and safety, particularly in relation to COVID-19, there are many other areas of the project management construction process where a good construction risk management plan can save you time, money and heartache.
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