Key Risk Management Processes to Consider in Construction
Building, by its nature, is much more unpredictable than most people realize. Every project is entirely unique to the client, the architect, and many other aspects.
Ideally, construction requires the input of multiple independent contractors working together. Project managers, for example, deal with construction supplies, weather, and labour issues.
Uncertainty is at the heart of construction and project management processes. It is at the heart of risk. You may be uncertain that a risk will occur or not and its consequences. This likelihood of an event occurring and its potential consequences of an event are what characterize the magnitude of risk.
Hiring a professional and experienced construction company in Kenya mitigates these risks by ensuring you’re fully prepared for anything and everything that might go wrong.
Below, we will provide you with critical insight about risk management in construction in Kenya:
Identify the Risk
Identifying the risk your construction project might be exposed to forms a critical part of your operating environment. Naturally, all construction projects are at risk of different types of risks, including:
- Legal risks
- Environmental risks
- Regulatory risks
- Market risks
- And much more
At Domysuma, our mandate is to provide high-quality construction services to all clients. To do this well, we focus on ensuring our project management identifies all possible risks during the construction process.
The advantage of identifying possible risks to your construction is that it allows you to address the risk directly.
Analyze the Risk
After identifying the risk, the next step is to analyze it to determine its scope. It’s also important to determine the link between the risk to other factors within the project.
To determine the severity of the risk to see how it could impact your business. Some risks can bring your construction process to a standstill is actualized. Others are probably just minor inconveniences.
Implementing thorough risk management solutions allows you to map out the risk framework and evaluate it as appropriate to determine its far-fetching effects.
Evaluate the Risk
Like all other types of risks, you must rank and prioritize construction risks and categorize them depending on the seriousness of the risk.
Rank risks that may cause less severe inconveniences lowly and risks that may result in catastrophic failures highest.
Ranking risks allows you to gain a holistic viewpoint of the risk exposure and the best intervention measures to apply. That said, your construction project might be vulnerable to some low-level risks but may not need upper management intervention. Consequently, just one highest-rated risk might require immediate intervention to prevent a major catastrophe.
Treat the Risk
At Domysuma, we understand that all construction risks must be eliminated or contained to prevent further damage. At this stage, you will need experts in the specific fields that are exposed to the risk. The IMAGINE, DESIGN, and BUILD approach provides a swift solution to construction issues your site might face.
A swift and effective risk management solution ensures you mitigate the spread of risks and resume your construction project.
Monitor and Review the Risk
Ultimately, you must accept that you cannot eliminate all types of risks. Some risks will always be present. Environmental risks and market risks are just a few of the ever-present risks you must monitor. Monitoring risks ensures the continuity of your construction projects.
Hire a professional to help you create an effective risk management plan and review the risk.
Why Hire Us
Risk is about uncertainty. By identifying, tracking, and managing your risks, you prevent unpleasant barriers and surprises and discover golden opportunities.
Domysuma has a comprehensive list of construction plans you can choose from and an interactive contact service to assist with your construction needs. Browse our extensive catalogue and custom designs based on your ideas.
Good construction risk management processes require high collaborative and communication levels. The key is to keep everyone on the same page to identify and manage risks before they escalate. Contact us at Domysuma today for more risk management information.