Review of the effectiveness of risk-management processes

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Reference no: EM133626770

Risk Management Outcomes

1. Read the scenario below and provide an analysis and review of the effectiveness of risk-management processes and procedures.

Scenario - A large construction company was awarded a contract to build a high-rise building in a densely populated area. The project had a tight deadline, and the company had to complete it within 18 months. The company management had a risk management plan, however the project faced numerous incidents and lost time injuries.

Workers were not provided with adequate safety equipment and were not trained on the safe use of heavy machinery. As a result, several workers were injured in falls from heights, and others suffered injuries from falling debris. The company received numerous complaints regarding dust and noise levels on the site, from nearby residents. This, in turn, led to delays in the construction, as the company had to stop work several times to address the concerns of the residents. Team members did not understand the safety procedures and when asked questions regarding these said they were not told. This led to workers taking shortcuts, which resulted in several accidents.

Checks were not made to ensure that contractors working on the project were adequately insured. As a result, the company faced significant financial losses when workers were injured, and the contractors were unable to cover the costs. The project had no contingency plan to deal with unexpected events, such as natural disasters or worker strikes. This led to delays in the construction, which resulted in the project running over budget and past the deadline.

Reference no: EM133626770

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