Having a risk management team can defiantly reduce risks but one can never fully eliminate all risk. For instance, during my employment with UCR i help establish a Safety Team in my department with our main goal to have Zero Accidents. Although we manage to significantly reduce accidents by educating our team with weekly lessons that were short and memoriable, we never reached our Zero Accident goal. There are too many variables that are out of our control.

Risk management is not designed to eliminate all risks. By its own nature some risks can have a low probability of occurence or a low impact, so it would not be advisable from an economic point of view to expend resources eliminating these risks. The approach varies according to the nature of the risk, the probability of occurence and the expected impact on the project or process under analysis. Typical responses to risks, besides eliminate, include transfer to other party (using insurance in some cases), mitigate (adopting measures to diminuish its probabaility or impact) and accept.

Besides that is important to understand the difference between risk and uncertainty. For Tenembaum (2012), the risk is tangible; uncertainty is not. You can define the risk, but you can hardly delineate the outer layers of uncertainty. The risk can be made concrete; uncertainty can not. For Knight (1921), risk is present when future events occur with commensurable probability and uncertainty is present when the probability of future events is undefined or unqualified. For Nascimento (2003), the uncertainty is linked to lack of information. When there is insufficient information, the adoption of assumptions is often used to allow decision making or project planning.

Risk can be defined as the possibility of occurrence of a particular event or future outcome, uncertain but predictable, that can affect the agent. Risk can often be quantified in terms of probability of occurrence and impact if it occurs and, most of the time, is independent of the agent's willingness to occur (Lanz and Tomei, 2015).

(PDF) Relationship between risks and uncertainty in projects. Available from: https://www.researchgate.net/publication/323779697_Relacao_entre_riscos_e_incerteza_em_projetos

Agree with Alondra Andrade ...

Rusuljaber Alqadhi Thanks for your valuable question..

Agree with Luciano Quinto Lanz & Alondra Andrade

Agree with Luciano: you can only mitigate risks (you should also clearly define "the risks" you would like to omit)

Lygia

A good first step for risk management is not only having a methodology but also follow each step with discipline. If you have both, what is difficult in the real world, you have good chances to eliminate or minimize the probability and/or impacts for the identified risks (threats). Nevertheless, I would dare to say that it is impossible to eliminate all the risks of a project or operations, due to inherent factors like uncertainties, complexity, human behavior etc.

Fully agree with Alexandre as you you allways have to consider "uncertainties and human behaviory factors". Also it is important to "follow step by step with discipline". As I said earlier you can (and should) ony mitigate/minimize similar risks.

There is risk in every operation. Thus it is not possible to avoid - eliminate all risks. In essence risk management is all about resource allocation. By means of a fine "Risk Management System" it is possible to allocate the available resources to treat and deal with more severe risks, reducing exposure to risk.

Risk management in every field, including in the field of construction, is not intended to eliminate all risks completely. Risk management consists in systemic, objectified, instrumentalized identification, analysis, quantification, control, risk modeling, securing the potential effects of adverse effects of risk materialization and facilitating the verification of the risk management process used. Risk management in recent years has been improved through the implementation of ICT information technologies and advanced data processing Industry 4.0. Risk management in many different areas, for many risk categories helps in identifying acceptable, optimal levels of specific risk categories for which specific instruments and forms of a high level of protection for potential effects of adverse effects of risk materialization have been diagnosed. The process of improving risk management should be carried out permanently in line with changing risk factors. Risk management systems are underdeveloped in many enterprises and institutions, and this should be complemented. I conduct research in this area. The conclusions of the research I published in scientific publications that are available on the Research Gate portal.

Please reply

I invite you to discussion

Thank you very much

Best wishes

Dariusz Prokopowicz

No way, risk mgmt help to reduce it max but unknown risk always risk you can't say 💯 risk free for any environment at any cost unless it's proven by logic and implementation completely risk free. But my stand nothing can be comes under 💯% risk free.

Risk mgmt helps to avoid and track possibility of upcoming risk which is know but unknown risk ?

When reading what and how much each one of the colleagues wrote, I end up agreeing with all of them. I would also like to highlight two important items - the behavior of Man when carrying out his activities and the risk not yet known (I mention the case of Industry 4.0, which I am researching ). This way it is impossible to eliminate but today only minimize those already identified.