Review of Risk Identification within Engineering, Procurement and Construction (EPC) Projects

Throughout their lifespan, proj ects are constantly exposed to risks and opportunities; risk management is one of the factors that contributes to project success, particularly in Engineering, Procurement and Construction (EPC) proj ects. Risks can come from several different places, including a lack of funding, unforeseen circumstances, strategic mistakes, etc. The first crucial step in effective risk management is the identification and evaluation of risks. However, EPC projects are well-known for their complexity, which makes managing and controlling them with absolute certainty challenging. Consequently, these projects are often characterized by uncertainty, especially in their early stages. To increase the likelihood of successful project completion and mitigate the effects of uncertainty, it is essential to identify and manage risks properly. This study's purpose is to present a systematic review of literature on risk assessment in EPC proj ects, identify common risks and establish criteria for prioritizing risks. The methodology includes analysing databases like Taylor & Francis, Science Direct, and Emerald, along with interviews with project managers to define relevant criteria.