Managing risks in construction projects has been recognized as a very important management process to achieve project objectives in terms of time, cost, quality, safety, and environmental sustainability.Many problems that are encountered during construction can be traced back to the design process. These problems can be as high as 75% of the total problems encountered during construction.Risk identification and assessment earlyin project will lead to a better estimation of cost escalation and time overrun. In this research, the type, cause, and factors of risk areidentified, aproject risk management information model is developed to improve risk assessment process in the planning phase of construction projects.A survey research methodology based using a questionnaire survey to construction industry practitioners from selected Grade 1 to Grade 3 BC contractors and consultants areused. Based on the survey, the top five risk areas that frequently occur are contractual, design, financial, political, and geographical.Risk areas that havethe highest impact on project objectives are design, contractual, political, and financial and performance,while the top five tools& techniques used for risk identification are SWOT analysis, expert interview, brainstorming, and risk checklist, one-on-one interviews. The top five tools for risk assessment identified are risk priority ranking, contingency–identified, risk workshops, contingency–percentage, and estimate ranges–MonteCarloanalysis. This work is expected to serve as a tool to assist designers, planners,and managers in the risk management and use of tools and techniques to mitigate their risks. The new risk management process model throughout the lifetime of a project by introducing an initial evaluation of risk impacts at the planning and design stage of the