Risks have a significant impact or a construction projects performance in terms of cost, time and quality. As the size and complexity of the projects have increased, an ability to manage risks throughout the construction process has become a central element preventing unwanted consequences. The overall aim of this research isto understanding of risk management in building the risk factors associated with construction site, to identify the effects of these risks on construction and also highlight methods to be adopted in making the risks identify so as to prevent adverse affect on building projects. Structured questionnaire, opinion poll, interview were the instrument for data collection. The work was analyzed using the mean statistical method. The findings of this work show a lack of pragmatic approach to risk management, which is a weakness in current procurement method. This aspect must be addressed if the risk management process is to serve project and thus, their clients. Based on the findings, a number of recommendations facilitating more effective risk management have been developed for the industry practitioners.