What Is Construction Risk Management & Why Is It Important?
Risk is an inherent aspect of any industry, and the construction sector is no exception to this. What’s important is how these risks are managed to ensure that projects are finished safely, on time and to a high standard. Let’s take a look at some of the main risks involved and why construction risk management is so important in the industry.
What Are The Main Factors Involved In Construction Risk Management?
Health And Safety
Health and safety should always be a priority in any industry, however it’s a particularly important aspect of construction risk management, where workers face a higher level of safety risks through their work on construction sites. On construction sites employees are often working at heights and using potentially dangerous tools and machinery. Completing thorough risk assessments, providing sufficient training and signposting hazards all play a crucial role in construction risk management when it comes to health and safety.
Finance
Finance plays a key role in construction project management, and it’s essential that financial risks are identified in order to protect the financial health of the companies involved. The financial risks that might be identified in construction risk management could include late payments from clients or an increased cost of materials. Identifying these risks allows plans to be put in place in order minimise the potential impact of these financial risks.
Environmental
Unfortunately, the construction sector can have a largely negative impact on the environment. Landfill waste, greenhouse gas emissions, water and air pollution, are all potential side effects of construction projects. However with the right construction risk management it is possible to reduce the impact of these effects and make construction sites more eco friendly. Using more sustainable materials and technology is one way of reducing environmental impact, and is an important consideration to be made in construction risk management.
Quality
Quality control is essential in construction risk management and it’s something that we pride ourselves on at Al Manaratain. As an ISO 9001:2015 certified company, we ensure all our products meet the same exceptional standard through the work of our quality control laboratory technicians who continuously monitor the quality of our products from start to finish. This is an essential aspect of risk management in construction projects for ensuring that projects are completed to a high standard, however it’s also crucial for health and safety reasons. That’s why quality control is such an important part of construction risk management. This will involve monitoring the quality of materials that will be used and the standard that the work is expected to be completed to.
Why Is Construction Risk Management So Important?
As we’ve mentioned, the nature of construction work involves many risks. That’s why it’s so important that these risks are managed effectively to ensure that safety and quality are never compromised. Most importantly, construction risk management is essential for ensuring health and safety, however it’s also crucial for monitoring the impact of construction projects both financially and environmentally. Managing these risks effectively will ensure that construction projects are completed safely, to a high standard and in a timely manner.