Managing Risk in Construction [Infographic]

July 8, 2019
In construction, the risk management process is multifaceted and evolving.

Construction risks often evolve with variables ranging from job site location to level of training temporary workers receive.

Every project has its own set of hazards, states Big Rentz. To effectively manage risk, high-impact, high-probability risks should be handled first, while low-impact, low-probability risks should be addressed last. In order to create an effective risk management plan, the company mentions five sources of risks that should be considered:

  • Safety Risk: Any construction site risks or hazards that can lead to worker accidents.
  • Financial Risk: Factors that impact your financial flow, including lack of sales, problems with the economy, unexpected cost increases, and competition with other firms.
  • Legal Risk: Potential disputes in the fulfillment of contracts with clients.
  • Project Risk: Project hazards such as poor management of resources, miscalculation of time, lack of proper policies, or misunderstanding of project deliverables.
  • Environmental Risk: Floods, earthquakes, and other natural phenomena that damage construction sites and make work inaccessible.

Big Rentz infographic provides a blueprint for managing construction risk.

About the Author

Stefanie Valentic

Stefanie Valentic was formerly managing editor of EHS Today, and is currently editorial director of Waste360.

Sponsored Recommendations

Free Webinar: ISO 45001 – A Commitment to Occupational Health, Safety & Personal Wellness

May 30, 2024
Secure a safer and more productive workplace using proven Management Systems ISO 45001 and ISO 45003.

ISO 45003 – Psychological Health and Safety at Work

May 30, 2024
ISO 45003 offers a comprehensive framework to expand your existing occupational health and safety program, helping you mitigate psychosocial risks and promote overall employee...

DH Pace, national door and dock provider, reduces TRIR and claims with EHS solution

May 29, 2024
Find out how DH Pace moved from paper/email/excel to an EHS platform, changing their culture. They reduced TRIR from 4.8 to 1.46 and improved their ability to bid on and win contracts...

Case Study: Improve TRIR from 4+ to 1 with EHS Solution and Safety Training

May 29, 2024
Safety training and EHS solutions improve TRIR for Complete Mechanical Services, leading to increased business. Moving incidents, training, and other EHS procedures into the digital...

Voice your opinion!

To join the conversation, and become an exclusive member of EHS Today, create an account today!