Problems and Prospects of Risk-Oriented Management in Construction: a Review of Current Research

Introduction . The construction industry has a major role to play in the global economy due to its multiplier effect, high volatility and complexity of production relations, however, existing risk management techniques, particularly those at the stage of investment justification, are still insufficiently developed. The aim of the study is to systematize modern ap proaches to risk-based lifecycle management of construction facilities, identifying gaps and promising areas of develop ment, including the use of digital technologies. The main tasks include an analysis of the regulatory framework, a review of risk assessment methods and development of strategies for minimizing them for different types of real estate. Materials and Methods. A comprehensive bibliometric study of modern approaches to construction risk management using VOSviewer software has been performed. The most authoritative publications from the international Scopus and Web of Science databases, as well as prominent Russian scientific papers, have been selected to be analyzed. The study covered peer-reviewed articles, monographs, and dissertations from the last decade for a representative sample. Special attention is paid to a critical analysis of methodological approaches to risk assessment at the pre-project stage, where traditional methods show the greatest limitations. The study makes use of a systematic approach combining a quantitative analysis of publication activity with a qualitative assessment of the research content. On top of that, successful cases of the introduction of modern risk-oriented practices in real construction projects are explored. Research Results . The analysis has enabled the key trends in the field of construction risk management over the past decade to be identified. The results of the analysis are indicative of a stable relationship between the quality of the risk management system and success of construction projects, which comes to the fore while investigating modern digital technologies, including artificial intelligence and machine learning methods that are increasingly used for processing large amounts of data in the construction industry. The greatest methodological difficulties are faced with at the stage of investment justification, where traditional expert approaches require mandatory addition of digital analysis tools as con firmed by the practical cases of implementation of risk-oriented approaches explored in the study. The development of adaptive techniques is particularly relevant that takes into account both traditional types of construction risks and new challenges associated with the digital transformation of the industry and taking into account ESG factors, while bridging the existing gap between scientific developments and their practical implementation is becoming a major condition for successful modernization of risk management, which calls for taking coordinated actions by all involved in the construc tion industry and improving the regulatory framework in compliance with modern technological capacities. Discussion and Conclusion . The bibliometric analysis has displayed the transition from traditional risk management methods to digital solutions, while indicating the continuing gap between theory and practice, particularly at the stage of investment justification. Modern approaches are actively integrating BIM, decision support systems and AI, but there is a problem of the lack of qualified employees. Hybrid methods combining expert assessments with machine learning and considering new risk factors such as sanctions and environmental requirements are becoming particularly relevant, which calls for modernization of the regulatory framework and professional standards.