Construction projects, whether big or small, almost always carry a certain amount of risk. Due to the complexity and large number of risks present in such a project, it is of utmost importance than construction companies take firm steps towards mitigating risks during preparations. Without proper risk mitigation, your project may experience delays, incur costs, or even face litigation. In this article, we will look at how you can go about mitigating risk for your construction project, so read on to find out more.
1. Train Your Staff
First and foremost, the most important step to take when trying to mitigate risk in any construction project is to ensure that all your staff training is up to date. Risk mitigation should begin at the very beginning of the employment process – the last thing you want is an inexperienced staff member handling something as huge as a demolition or crane hire.
New employees should be given necessary training and as their careers advance, their training should constantly be updated and developed. This means enrolling staff in courses throughout the lifespan of their employment with you, and ensuring they are always able to assess any potential risks and aware of the steps they need to take to mitigate them.
2. Get On That Insurance
When you are in a risky industry, one of the best ways to mitigate risk is to ensure you have appropriate insurance policies. Speak to an insurance broker if you are unsure about what policies will suit your project the best as they will be able to advise you on local authority requirements for construction insurance. With that said however, do take note that certain construction risks will still remain uninsurable. However, insuring as many risks as you possibly can will ensure that you are covered to the highest degree possible.
3. Constant Communication Is Key
Another way to mitigate risk is via constant communication throughout the entire duration of your construction project. Afterall, the nature on construction is one that is constantly changing, so it only makes sense that communication needs to be a key focus throughout the entire process.
You can use mobile cloud-based construction solution softwares that allow all involved parties to be informed of things in real time, as they arise. In today’s technology-driven world, and where everyone has a smartphone, software is the way to go when you want to keep everyone up to date on what is happening.
4. Consider BIM Technology
BIM technology is a fantastic way of looking for potential issues that may arise before your construction project has even started. This assist you in eliminating unforeseen risks and helps improve the safety of your entire project. Many construction professionals use BIM technology and agree that it truly does help mitigate risk. BIM encourages your entire team to be much more detailed in their planning and encourages collaboration between your team members for effective planning and in turn, risk mitigation.
5. Avoid Litigation At All Costs
The aim is to avoid litigation at all costs. How can you do this? Well, the best way is to look into all your potential partners, staff and workers. Check all prior work experience, training and qualifications for any litigation habits. Having a solid plan and protection technology in place will also help you avoid litigation.
We hope that this article has shed some light on how you can go about mitigating risk when preparing a construction project. Risk mitigation is essential for controlling the schedule, cost and scope of any construction project, so ensuring that it is a part of your company culture is the way to go. Best of luck!