The implementation of risk management tools and techniques in local construction companies in Malaysia

Risk management has become an integral aspect of a company's operations. Its major goal is to assist all other management operations in directly and effectively achieving the organization's goals. Systematic risk management entails anticipating the unexpected, or it is a technique that aids in the management of hazards. Project's goal in construction is to present a basic, practical way of finding, analysing, and resolving conflicts, monitoring and management of risk in an organised and informed manner. Construction professionals must understand how to balance risk contingencies with contractual, financial, operational, and organisational needs. Risk management involves identifying construction risks and exposures, will give an effective risk management plan to limit the chance of loss risk is part of the risk management process. Many construction professionals face hazards and are unaware of the possible impacts that other related issues may have on their business operations. Due to this scenario, this dissertation is mainly focused on current tools and techniques in risk management in a construction project. Apart from that, it is also to determine the factor of selection tools and techniques of risk management. The method used was a questionnaire survey to the construction contractor Grade 7 registered with CIDB in the Kuala Lumpur area.