Project risks: identification and directions for improvement of risk management

Currently, significant attention is paid to project risk management in modern projects. However, the most critical element in existing risk management methodologies remains the process of risk identification, which should be developed in accordance with the principles of systematization and completeness, as well as built on a value-based and practice-oriented foundation directed towards project executors. Therefore, it is essential to accurately assess the degree of risk and manage it properly. This paper examines contemporary approaches to the identification and management of project risks in the construction industry. Project risks are defined as a key factor influencing the timeline, cost, and quality of project implementation. The analysis covers the main categories of risks—financial, technical, organizational, and external—and the most common methods of their identification: brainstorming, SWOT analysis, the Delphi method, historical data analysis, checklists, risk register, and risk matrix. Particular emphasis is placed on the role of international standards and methodologies (ISO, PMBOK, PRINCE2) and their adaptation to the specifics of construction projects. The significance of the human factor, the digitalization of risk management processes, and the formation of a risk-oriented organizational culture are highlighted. The conclusion substantiates the need for comprehensive application of qualitative and quantitative methods, sectoral adaptation, and the integration of modern digital tools to improve the effectiveness of project risk management systems.