Abstract: No construction project is risk free. The risk factor in construction business is very high. Construction objects are unique and built mostly only once. Construction objects life cycle is full of various risks. Risks come from many sources: temporary project team that is collected from different companies, construction site, etc. Moreover, the size and complexity of construction objects are increasing which adds to the risks. This is in addition to the political, economic, social conditions where the object is to be undertaken. Object risk can be defined as an uncertain event or condition that if it occurs has a positive or negative effect on at least one construction project objective such as time, cost and quality. The risks cause cost and time overruns in construction projects. The study, presents risk assessment of construction projects and its aims to identify and analyze the risks associated with the construction projects.