This Live Interactive Webinar course is accredited by the Engineering Council of South Africa (ECSA), professionals will earn 2 ECSA CPD Points on completion and those holding a PMI Certificate will be eligible to earn 14 PDUs from the Project Management Institute (PMI) This course is designed to provide valuable insights on risk management in the construction environment. It has been updated to cover the latest publications in the field, including The PMBOK® Guide – 7th Edition (2021) and Process Groups: A Practical Guide (2022). 

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Risk management is a crucial aspect of the construction industry as it can significantly impact the success or failure of a project. This course covers all aspects of risk management, including planning, risk identification, analysis, and response. It also emphasizes the importance of implementing and monitoring chosen risk responses throughout the project. In the construction industry, risks can take various forms, such as financial, technical, and legal issues. Proper risk management helps identify and mitigate these risks, leading to more successful and profitable projects.

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The future outlook for understanding risk management in the construction industry is positive, as there is a growing recognition of the importance of this skill. As the industry becomes more complex and competitive, the demand for professionals with advanced risk management skills is likely to increase. This course is designed to equip professionals with the knowledge and skills they need to effectively manage risks in the construction industry.

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This course is based on:

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• The PMBOK® Guide – 7th Edition (2021)

• Process Groups: A Practical Guide (2022).

• The Standard for Risk Management in Portfolios, Programs, and Projects– 2019 Edition.

• The Construction Extension to the PMBOK® Guide - 2016 Edition.

• Navigating Complexity: A Practice Guide – 2014 Edition.

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Obtain your certificate and differentiate yourself from others

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Earning a certificate in Risk Management can enhance your portfolio and LinkedIn profile, demonstrate your knowledge and skills in this field, set you apart from other candidates, and potentially open up new job opportunities. It can also show that you are dedicated to staying up-to-date on industry best practices and have the necessary skills to succeed in a project management role. Many employers prioritize hiring candidates with advanced training and certifications, making a certificate in Risk Management a valuable investment in your career.

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A detailed look at the course outline and contents that will be covered:

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Module 1: Introduction to Risk Management

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• Understanding Risk in Projects

  • Definition of risk and its relevance in project management

  • Differences between project risks and business risks

  • Common misconceptions about risk management

• Why Risk Management is Crucial

  • The impact of unmanaged risks on project outcomes

  • Case studies of project failures due to poor risk management

  • How effective risk management contributes to project success

• Risk Management Frameworks & Standards

  • Overview of industry standards (PMBOK, ISO 31000, PRINCE2)

  • Organizational risk management maturity models

  • The role of governance and compliance in risk management​

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Module 2: Background to Risks in Project Management

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• The Role of Risk in the Project Lifecycle

  • How risks evolve from project initiation to closure

  • Relationship between risk and project constraints (scope, time, cost, quality)

  • Identifying risk at different project phases

• Key Risk Terminology & Concepts

  • Risk appetite vs. risk tolerance

  • Risk exposure and risk threshold

  • Distinguishing between threats and opportunities

• Benefits of Proactive Risk Management

  • Enhancing decision-making with risk insights

  • Improving stakeholder confidence and engagement

  • Reducing uncertainty and increasing project predictability

• Barriers to Effective Risk Management

  • Organizational resistance to risk planning

  • Lack of risk culture within teams

  • Challenges in quantifying and tracking risks

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Module 3: Planning for Risk Management in Projects

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• The Risk Management Process

  • Steps in developing a risk management plan

  • Integrating risk management with project planning

  • Roles and responsibilities in risk management

• Inputs to Risk Management Planning

  • Project documents (business case, scope statement, contracts)

  • Stakeholder input and expert judgment

  • Lessons learned from past projects

• Risk Management Tools & Techniques

  • SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)

  • Delphi technique for expert consensus

  • Brainstorming and facilitated workshops

• Creating a Risk Management Plan

  • Defining risk categories and risk breakdown structures (RBS)

  • Determining risk response strategies

  • Establishing risk monitoring and reporting mechanisms

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Module 4: Identifying Risks

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• Methods for Risk Identification

  • Internal vs. external risk factors

  • Risk identification workshops and team collaboration

  • Using historical data and industry benchmarks

• Tools & Techniques for Risk Identification

  • Cause-and-effect diagrams (Ishikawa/Fishbone diagrams)

  • Failure Mode and Effect Analysis (FMEA)

  • Checklists and risk registers

• Documenting Risks Effectively

  • Writing clear and actionable risk statements

  • Using structured templates for risk logs and registers

  • Defining risk owners and accountability structures

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Module 5: Analyzing Risks

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• Qualitative Risk Analysis

  • Assigning probability and impact ratings

  • Developing a risk matrix (low, medium, high risks)

  • Prioritizing risks based on urgency and severity

• Quantitative Risk Analysis

  • Monte Carlo simulations for risk forecasting

  • Decision tree analysis and expected monetary value (EMV)

  • Sensitivity analysis to determine risk drivers

• Understanding Risk Interdependencies

  • How risks impact each other within a project

  • Identifying cascading risks and their effects

  • Correlation between risk factors

• Other Key Risk Parameters to Consider

  • Time-based risk assessment (how risk evolves over time)

  • Assessing stakeholder risk perception

  • Evaluating risk impact on project resources

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Module 6: Responding to Risks

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• Risk Response Strategies for Threats

  • Risk avoidance (eliminating risk sources)

  • Risk mitigation (reducing impact and likelihood)

  • Risk transfer (outsourcing or insurance)

  • Risk acceptance (passive vs. active strategies)

• Risk Response Strategies for Opportunities

  • Exploiting positive risks

  • Enhancing opportunities

  • Sharing risk with partners and stakeholders

• Developing Contingency & Fallback Plans

  • Creating contingency reserves for high-impact risks

  • Differentiating between contingency and management reserves

  • Developing trigger conditions for fallback plans

• Implementing Risk Responses

  • Assigning risk action owners and accountability

  • Monitoring effectiveness of risk mitigation strategies

  • Communicating risk response actions to stakeholders

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Module 7: Monitoring and Controlling Risks

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• Ongoing Risk Monitoring Techniques

  • Conducting risk audits and periodic reviews

  • Using trend analysis for tracking risk evolution

  • Key risk indicators (KRIs) and early warning signs

• Risk Control Strategies

  • Adjusting risk response plans as project conditions change

  • Reassessing risks based on real-time project data

  • Using control charts and performance metrics

• Updating the Risk Register

  • Adding new risks identified during execution

  • Updating risk status (active, resolved, escalated)

  • Lessons learned documentation for future projects

• Stakeholder Communication in Risk Management

  • Keeping stakeholders informed about risk exposure

  • Creating risk dashboards for reporting

  • Managing stakeholder concerns proactively

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Module 8: Case Studies and Practical Applications

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• Real-World Project Risk Management Scenarios

  • Case studies of successful risk management implementation

  • Analysis of projects that failed due to poor risk planning

  • Lessons learned from global project risks

• Workshop: Risk Management Simulation Exercise

  • Hands-on application of risk identification and assessment

  • Developing a risk response strategy for a sample project

  • Presenting risk management plans and receiving feedback

• Best Practices for Continuous Risk Management Improvement

  • Building a risk-aware culture within project teams

  • Leveraging technology for better risk tracking

  • Incorporating agile risk management techniques​

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Final Assessment & Certification

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• Course Wrap-Up & Key Takeaways

• Final Exam / Practical Project Assignment

• Certificate of Completion for Participants

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What are the learning objectives of this course and how can they be applied to your job.

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Upon completion of this course, professionals will be comfortable with the following skills learned in this course, which will differentiate themselves from their colleagues and make them more attractive to potential employers. Tacit Skills goes the extra length to ensure that professionals understand and are comfortable using these new skills. Upon completion, delegates should be equipped to: appreciate the need for the management of risk in the construction environment; provide a framework and process for the management of risks; identify and prioritize potential risk events; use established risk management tools and techniques to assist in the analysis, management, monitoring, and reporting of identified risks; develop and implement risk management response strategies; and understand the overall management of risk process.

There are several reasons why you might want to consider a career in risk management.

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The future of risk management in the construction and engineering environment is likely to see a continued emphasis on proactive and data-driven approaches. With the increasing use of technology and data analytics in the industry, professionals will have access to more information and tools to identify and assess risks. This will allow them to make more informed decisions about how to mitigate risks and effectively manage projects.

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There is also likely to be a focus on adopting more integrated and collaborative approaches to risk management. As the construction and engineering industry becomes more complex and interconnected, the ability to effectively coordinate and collaborate with different stakeholders, including clients, contractors, and consultants, will be key to successful risk management.

Overall, the future of risk management in the construction and engineering environment will require professionals to have a strong understanding of both traditional risk management practices and emerging technologies and approaches. By staying current on industry trends and adopting a proactive and data-driven approach to risk management, professionals will be well-positioned to succeed in the rapidly evolving industry

Accreditation earned on completion of this course:

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Earning ECSA CPD points is valuable for professionals in the construction industry as it demonstrates their commitment to staying current and continuing their professional development. By completing this course and earning ECSA CPD points, professionals can showcase their dedication to best practices and expertise in risk management.

 

Upon completing this course, professionals will earn 2 ECSA Continuing Professional Development (CPD) point and 14 Project Management Institute (PMI) Professional Development Units (PDUs) for PMP certificate holders. 

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Recordings of the live sessions will be made available for attending delegates who miss a session due to load shedding. Please note that the course live sessions must be attended in order to qualify for your certificate. Recordings are only for review purposes.