Risk exists in every line of work. Whether you’re a banker or a construction worker, there are inherent risks you must identify and manage. In construction, risk management is extremely vital as it is about keeping people safe. It’s not inconceivable that someone could die on the job. It is, therefore, important you develop a comprehensive and effective risk management strategy.

Today we’re sharing insight from guest blogger GenieBelt, the creator of a construction software and mobile app. GenieBelt’s blog and infographic address an important construction risk management concern – corruption. Unfortunately corruption is all too prevalent in the construction industry, as you’ll see from their data. In order to manage this risk, we need to first understand where it stems from. We hope you enjoy GenieBelt’s insight on this important construction risk management topic.

The construction market is huge – so huge that it is estimated to be worth more than $3.2 trillion per year and make up for 2-3% of developing countries’ GDP and 5-7% of developed countries’ GDP. 

The amount of losses through corruption range between 10 and 30%, which together with mismanagement and inefficiency makes up for close to $6 trillion losses. These numbers highlight the size of the problem and why eradicating corruption would make a big difference for the industry and for the overall economy.

Your website and internet presence is a reflection of who you are and what you do. And it needs to be accurate. Be it potential clients, underwriters, or prospective employees – what they find on your website and the internet shapes how they view your company.

Does your risk management strategy take into consideration your online presence?

Each year OSHA releases the 10 most frequently cited standards. Many of the same standards have found themselves on this list in recent years. For the sixth year in a row, Fall Protection (Standard 1926.501) tops the lists. And the only change from 2015 to 2016 is the Machine Guarding and Electrical Wiring swapped spots. 

Are you taking proper precautions to avoid these hazards in your facility and promote workplace safety?

It can be a challenge in of itself to find quality talent. But once you hire those individuals, do you struggle with retaining them? Employee retention is a costly issue facing many contractors.

Every month, 2 workers are killed in trench collapses.

Work-related eye injuries are quite common. They can also be quite damaging to employees’ health and draining to your organization’s bottom line.

There has been a lot of press about P3s as of late, especially in Indiana.

A P3, or public private partnership, is a service or business venture funded by a partnership between a government and one or more private companies.

With the continued stress on governments trying to either maintain or expand services and infrastructure in the midst of budget constraints and often inadequate or declining tax revenues, the idea of being able to get things done with the help of the private sector is intriguing.

The walls will fail; we just don’t know when they will fail. A rule to always remember about trenching.

Manufacturers have long been concerned with protecting their businesses from supply chain disruption. But this risk can apply well beyond the manufacturing industry. Business continuity risks exist for any organization working with third-party vendors. Think of all the vendors you work with. Phone, internet, subcontractors, suppliers, etc. If one of them had their own significant business interruption, how would it impact you?