Developing a Risk Management System of Construction Projects

Currently, the risk management system for construction companies is one of the most important component of project activities. This fact is explained by the fact that a large number of competitors in the construction industry and the desire of companies to be the best in the market entails the appearance of risks in the implementation of construction projects. The risks that have emerged, over time, can bankrupt the company, while their absence or a minor impact on the project can improve the outcome of projects, which will improve the company's financial position and bring it to a new level in the construction industry. It is precisely on the basis of this that the need arises to manage project risks. In the course of the study, an analysis of the project activity of the company “UralGeo” was conducted. The result of the study is a project risk management system, as well as key risk indicators that contribute to more effective project risk management are formed. The introduction of formed key indicators in the developed risk management system will increase its efficiency, which will lead the company to achieve more efficient performance indicators and to reach a new level in the market.