Introduction

Most construction sites and projects are naturally prone to numerous risks, from health to structural risks that are a tragedy in waiting. Therefore, it is the work of all the project managers, working together with the surveyors and engineers, to determine earlier enough the risks involved in any construction project or undertaking. This course aims to equip such crucial professionals with the necessary skills to correctly and effectively identify and predict all the possible risks in any construction project easily by giving them the necessary knowledge, practical guides, and techniques that can only be offered at Xcelerate Training Institute.

Every construction site is different and unique in its way and comes with its unique challenges with disguised opportunities. Handling the unique nature of construction projects by managing their risks can sometimes be a little too much but not impossible if there is a thorough planning process and execution.

Risks can derail and easily become financial burdens when they turn into realities. That is why understanding and managing construction risks are crucial to any construction project. Proper assessment, monitoring, and controlling of risk are some of the thing’s participants get to learn when they take this course.

The skills, deep knowledge, and applicable technical know-how that participants will gain from this course can help them catapult their professional careers. This journey will give them a permanent place in their organizations as the go-to person in matters concerning construction risk management. Risks can sometimes become great opportunities to increase profits and establish a concrete relationship with clients. This is, if they are handled and managed properly.

Learning Objectives

The main objectives of this course are to enable participants to be able to:

• Understand the risk management process and techniques thoroughly
• Get a better understanding of how to use different tools and techniques to manage risks effectively
• Be professionals who understand how risk appetite, tolerance, and escalation work
• Study in detail risk management models and apply them in their construction projects effectively
• Contribute to the development and credibility of their organizations by delivering high-quality risk reports and predicting risks correctly
• Improve their clients’ satisfaction by ensuring that all the possible risks in any construction project are captured

Training Methodology

This course will be delivered by highly trained professionals who are a voice of authority in their field because of their quality work. All the participants are encouraged to be engaging during the lessons. There will be notes, lectures, case studies, and projects to ensure complete mastery of all the lessons. Like all our acclaimed courses, this program also follows the ‘Do-Review-Learn-Apply’ model.

Role-plays and presentations will be introduced where applicable.

Benefits For Your Organization

Organizations that will have professionals who have taken this course will benefit in the following ways:

• Detailed and well-analyzed risk assessment with proper management to review and predict all the possible challenges that projects might face
• Well-managed organizations with reduced costs implication that might have occurred due to avoidable tragedies
• Increased credibility because of increased customer satisfaction and well-managed risks
• Regular training of other employees in modern techniques to identify and manage risks
• Well-developed risk management frameworks that adhere to international standards
• Effective and efficient decision-making process
• Better utilization of the available resources

Benefits For You

The course will give the participants the ability to:

• Understand the integrated approach to managing risks in construction projects
• Developed highly valued risk management protocols and processes
• Identify, assess, and analyses construction risks
• Gain the required skills and knowledge to assume a high-level office in their organization
• Understand in better ways their roles and responsibilities in identifying and assessing construction risks
• Track and monitor construction risks effectively
• Develop international level structures and frameworks that will be used to manage construction risks

Target Audience

This course is highly beneficial but not limited in any way to the following groups of people:

• Risk and compliance officers
• Audit officers who intend to scale their skills in identifying loopholes easily
• Construction project managers who intend to successfully manage their projects professionally
• Senior management officers who are responsible for enforcing risk management frameworks
• Construction workers want to be safe and ensure they foresee all the risks involved in construction projects
• Clients with construction projects would like to ensure their contractors follow risk management standards

Course Outline 

Introduction to Risk Management

• Risk Management Frameworks and How They Are Made
• What Is a Risk?
• Why Is Risk Management So Crucial?
• Risk Management Methods
• Policy And Strategy Formulation
• Risk Procedures and Protocols
• Risk Architecture
• Benefits Of Risk Allocation

Risk Management Process

• Establishing The Right Context
• Risk Ranking (Using the Raking Matrix)
• Risk Identification and Assessment Techniques
• The Cause-And-Effect Relationship That Exists in Risk
• Risk Prioritization Methods and Analysis
• Risk Appetite, Tolerance, And Capacity
• Risk Reviewing and Monitoring Process
• Risk Profiling

Risk Governance

• The RAS (Risk Appetite Statement)
• Strategies Used in Risk Management
• The Lines of Defense Model
• Ensuring The Workflow of Any Construction Site Is Seamless
• Safety Issues
• Risk Reporting
• Data-Driven Approach to Decision Making
• How To Transfer Project Risks

Risk Mitigation

• International Standards in Risks
• Adhering To the Necessary Standards
• Following All the Regulations
• Ensuring Everyone Does Their Job
• How To Handle Multiple Risks
• Sharing Resources Between Different Risk Types

Risk Types And How They Are Handled

• Financial Risks and Their Effects
• Environmental Risks and Why They Should Be Handled In Detail
• Scheduling Risks
• Accepting Project Risks
• Construction Risks Management Process

Identifying Construction Risks

• Risk Identification Timing
• Reconstruction Phase Risk Assessment
• All The Potential Project Risks
• Brainstorming The Possible Risks
• Defining The Scope
• Handling Stakeholders to Identify Risks

Common Construction Risks

• Natural disasters
• Poor decision-making
• Orders management
• Poorly written contracts
• Labor shortages
• Unexpected increase in the budget
• Unknown site scenarios
• Poorly defined scope of work

Assessing Risk Exposure

• Risk identification process and techniques
• Project risks evaluation for possible exposure and level
• Overall risk management strategy
• Plan for risk
  • Covering all the “what if” scenarios
  • Getting all the details for actions that can mitigate risks
  • Assessing risk costs and mitigation strategy
• Accept that some risks cannot be avoided and how to deal with them
• Risk events monitoring
  • Regular assessments
  • Regular strategy revisions
  • Informed decision-making process
• Managing documents in every construction project

The Construction Contract

• Contractor and owner responsibilities
• Addressing delays and time for performance
• Governing law and assignment
• Procedures for payments
• Relating with various subcontractors that are separate from the contractors
• Requirements, insurance, bonds, and indemnity
• Dispute resolution process
• Project close-out procedures
• Contract suspension and termination agreement
• Changes initiation in the works of the contractor
• Miscellaneous

The Construction Details and their Risks

• Subsurface geological conditions
• Defective designs
• Equipment commissioning
• Damage to persons or property
• Site access
• Late instructions and designs
• Cost of tests and sampling
• Accidents such as fire, collisions, etc.
• Detail of design and its level
• Funding
• Intrusion
• Vandalism
• Assaults
• Negligence
• Terrorism
• Defective work
• Suitability of materials
• Labor disputes
• Strikes
• Natural catastrophes
• Regulations
• Environmental