Risk Management Plan | Construction

Running head: RISK MANAGEMENT PLAN
RISK MANAGEMENT PLAN
Name of the Student
Name of the Organization
Author Note

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ABC
ABC is an organization within the construction sector which is considered to be a
very risky business. This organization is known for performing general construction as well
as some tasks which are highly specialised. It even prepares some components which are
structural as well as materials that are semi-finished and even known for carrying out
repairing as well as the maintenance of the machinery of construction. It can be said that
there are several kinds of risks which may be associated with accidents, injuries, operational
discontinuity, issues of the impact of the environment, alternation in procedures and so on.
Need for Risk Management
There is huge need for identifying all of the various potential risks within the
organization ABC. The main purpose of managing risk is to properly identify all of the
various problems which are potential before they will be occurring such that all of the various
activities of handling risk may be properly invoked as well as planned as required.
Management of risk is considered to be a procedure which is both continuous as well as
forward looking which is really an essential part of several procedures of business. The risk
management will also be helping a lot in addressing all of the various issues which can be
endangering the huge achievement of all of the various objectives which are highly critical.
This plan of risk management must be applied in an effective way for both mitigating as well
as anticipating several risks which possess a greatly critical impact upon ABC.
Scope of the Plan
The main scope of the risk management plan for ABC is the achievement of the
control of risk in all of the various phases of several projects or works of the organization.
There will be the establishment of a structure for managing various risks within the

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organization where all of the various basic parameters in which several risks will be properly
defined as well as managed. The risk management plan will be identifying various potential
risks within ABC.
Identification of risks
Identification of risks is mainly the procedure of properly listing several potential
risks for the company ABC (Edwards and Bowen 2013). The information of the identification
of risks is greatly utilised for the proper analysis of risk which will be turn will be definitely
helping a lot for particularly supporting the creation of various responses to all the risks
which have been identified. All of the various risks which have been associated with ABC
will be involving:
1. Injuries to workers
2. Poor workmanship
3. Faulty work
4. Missed deadlines
5. Defect in construction
6. Fire
7. Risk of Wearable technology
8. Availability of resources
Analysis of the risks
Injuries to workers- No matter how much hard one may be striving for the creation of a
very safe area for work, the specific construction site of ABC is really a dangerous place
which is full of several hazards which are potential (Aminbakhsh, Gunduz and Sonmez
2013).

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Poor workmanship- The poor workmanship can be causing the specific quality of the work
of construction not meeting with all the various standard needs. A Contractor possess with
various responsibilities for ensuring the work of construction meets all of the various needs of
the contract.
Faulty work- The business of ABC may be greatly liable for all the various projects which
are already finished and that are unsound structurally or rather faulty in some kind of way. If
the work does not at all comply with all the various federal regulations of the building, the
client can be losing a lot of money (Kardes et al. 2013).
Missed deadlines- Within ABC any specific number of obstacles which are unforeseen can
be hugely preventing a specific work from being properly completed on the exact schedule. It
may be happening that several materials of building can be delivered quite late and tools can
also be broken. Several plans may have to be totally withdrawn if there may be a discovery of
something which is totally unexpected (Smith, Merna and Jobling 2014).
Defect in construction- With some of the workforce which are very less experienced, there
may a huge rise of several defects in the construction (Kelly, Male and Graham 2014). Such
defects in the construction may be referred to any specific defect within the design,
workmanship or rather within several materials which have been utilized on a construction
work. Such defects may be hugely resulting in huge failures of several building or rather
structures and this can be actually leading towards a lot of damage to property as well as
injury to humans.
Fire- Some activities of hot work, if managed poorly, within a construction which is
specifically wood framed can be hugely resulting in huge losses of high cost. Risk of fire is
really very much high for the business of ABC. One single spark from either an electric wire,
welder or rather sender can be causing fire which can be very much harmful for each and
every worker of the company (Mahendra, Pitroda and Bhavsar 2013).