Construction risk management

Risk pervades every construction project. As construction companies face increasingly tight margins, understanding both the opportunities and threats associated with risk, and taking effective action to manage them throughout a project, will determine the difference between financial profitability and potential catastrophic loss. While some organizations turn to specialized risk management software to comprehend exposure, many neglect to simultaneously embed integrated planning, cost control, and finance to handle unforeseen changes throughout the project lifecycle.

Planning and accurately quantifying construction project risk has never been more important. Facing ever low margins and growing competition, safeguarding business profitability, rather than growth, is now front of mind. At the same time, several factors make tendering profitability even more challenging, such as labor shortages and supply chain issues.

IFS Cloud offers holistic risk management software integrated throughout the entire project lifecycle. IFS Cloud begins by fully integrating project cost control, project planning, and finance, supported by a comprehensive, highly accurate real-time view of risk threats and opportunities at each stage. Within this framework, the Risk Management module allows for the accurate calculation of risk categories, including probabilities, consequences, and financial implications. For more information on the benefits of IFS Cloud, download this executive summary.