Construction companies face a myriad of challenges and complexity in managing risk. Rarely do companies manage all aspects of risk with 100% consistency and effectiveness.
How does your company manage risk? Share your top risk management practice with others, and visit this page regularly to discover new and novel ways to manage risk in the construction industry. Vote for your favorites, share your comments - we'd love to hear from you!
Source: http://sage-job-ready.com/risk-management/RM-ManageRisk.php
Here's a great tip from Pinnacle/CSG, a Florida-based GC. The company has everyone working on the job fill out a daily safety card indicating the activities they will be doing that day, the risks associated with the activities, protective equipment to be used, and other safety related information. “It’s not just about filling out the form,” says Andrea Mosher, Pinnacle/CSG risk manager. “It makes them stop and think out what they are about to do.”
Have tips to share? Click on the green "+" sign to add a new item.
McGraw-Hill Construction Research & Analytics, on the Engineering News Record website, authored a Risk Management whitepaper that details the ins and outs of construction risk management. The report, entitled "Solid Risk Management Must Go 'Beyond Checklists' ", is available on the ENR website, free of charge. Although from 2011, the report is still relevant today.
One insightful observation: Risk increases when dealing with firms prone to litigation and if the scope of work is unclear, team members are unfamiliar with one another, project funding isn’t adequate or the ownership structure has multiple partners. Projects that have less schedule flexibility—such as condominiums and bridges—are also riskier.
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