Effect of Risk Audit as a Project Risk Management Technique on Quality Performance of Building Construction Project in Nigeria

Project risk is a factor in success or failure of any project. The strategic management of the risk within the construction company is the issue addressed in this study. The study identifies the risks factors inherent in Building Construction Projects and impact of risk audit in mitigating the effect of the risk factors on quality performance of building construction project in Nigeria. Data were collected using questionnaire through stratified and simple random sampling techniques where are rated on 5 Likert scales. Student T-test was used to determine the difference in the identified risks, Linear regression analysis for influence of risk management strategies on project success and associated risks on the project success in the study area. The results showed that operating risk posed severe threat on project success in the study area. The result showed that operating risk posed severe threat on project success at 215 (69.13%) participants were in Favour of it, 142 (45.66%) respondents agreed on the adverse effect of weather system risk affecting project success while 176 (56.59%) of the respondents were in Favour of geological system risk. Further investigation claimed that 240 (77.17%) respondents concurred on social risks 191 (61.41%) for political risk, 296 (86.50) for financial risks, , 96 (30.87%) for managerial risk, 174 (55.95%) for health risk and 182 (58.525) concurred with technical risk, T-test result of 10.975 shows that there is significant difference in the potential risks identifies in the study area. It was discovered that 0.7, 1.5%, 10%, 6.7% and 3.3% of the project success was affected by operational risk, geological system, social, political and financial risks and all are insignificant.