Risk management in construction sector

Inq theseq daysq ofq rapidq changes,q dueq toq theq influenceq ofq globalization,q marketsq continueq toq workq veryq quicklyq andq fluctuate q allq overq theq world.q Thisq fluctuationq posesq veryq seriousq risksq inq theseq markets.q Theq announcedq dataq inq anyq country,q eventsq happeningq inq anyq regionq orq riskq perceptionq inq theq marketsq haveq aq trivialq orq profoundq effectq onq theq financialq markets.q Theq riskq thatq existsq atq anyq momentq inq lifeq isq alsoq importantq inq businessq world.q Asq theseq effectsq areq especiallyq seenq onq foreignq currencyq parity,q stockq exchange,q andq commodityq prices,q investorsq withq openq positionq andq institutionsq thatq carryq outq foreignq tradeq transactionsq areq seriouslyq damagedq ifq theyq doq notq takeq measures.q Withq theq developmentq ofq derivativesq marketsq andq products,q whichq areq partq ofq theq financialq markets,q itq isq nowq possibleq toq hedgeq againstq theseq risksq andq differentq methodsq areq graduallyq emergingq inq termsq ofq riskq management. Theq expansionq ofq segmentsq ofq businessesq causesq anq increaseq inq typesq ofq risksq encountered.q Anq increaseq inq typesq ofq risksq necessitatesq addressingq risksq atq corporateq level,q withq aq long-term,q transparent,q andq accountableq perspective.q Itq isq assumedq thatq businessesq willq adaptq moreq easilyq toq changesq inq theq market,q andq provideq moreq reliableq financialq reportsq toq theq interestedq partiesq inq lineq withq theq changeq ofq scopeq ofq riskq management.q Inq thisq context,q theq importanceq ofq corporateq governanceq isq assumedq toq changeq theq riskq managementq perspectivesq ofq businesses. Theq constructionq industryq isq developingq rapidlyq inq Turkey.q Constructionq industryq involvesq installationq ofq theq structuresq suchq asq roads,q ports,q damns,q bridges,q factoriesq andq residentialq buildingsq asq wellq asq theirq concerningq maintenanceq andq repairq works.q Inq parallelq toq transformationq ofq ourq country'sq economyq inq favorq ofq industry,q constructionq ofq factoryq andq residentialq buildingsq haveq increasedq significantly. In view of the Project Manager it is important to reduce the impacts of the risks. In reducing the impacts of the risks, top management, project manager and project team bear responsibility in accordance with their authorization set out. Drawing attention to the fact that not only the planning phase but also all possible risks should be assessed in every stage of the project and necessary precautions should be taken on time, this study will be accepted as an indicator for future studies. Survey work related to the survey was conducted with the construction companies working in Başakşehir Municipality projects. The participating companies' head offices are located in Istanbul and they have been selected among the projects, contracting and investing companies providing more than 10 years service in the construction sector. Since the research is limited to the province of Istanbul and Basaksehir Municipality, the whole sector does not provide generalization opportunities. Field (survey) study, between the dates of 13.07.2017 - 16.07.2017. Participants responded to the questionnaire with a one-to-one interview. The most important risk factor for the result of the survey is the risk of construction. The natural risks and the soil conditions of the country that causes it are the risks that obstruct the firms to do business. Construction risks are in the first place according to the construction cost and profit margin effect as a result of the work done. The stages of formation of the risks taking place in the external are found to be connected with this risk.