Providing architectural services is inherently a risky proposition. Understanding these risks and formulating a plan to proactively identify, assess, and mitigate potential risks ensures the successful completion of projects, the protection of financial resources, the maintenance of client relationships, the compliance with regulations, and preserves a firm’s reputation in the industry.
A risk mitigation plan for an architecture firm typically includes the following components:
It’s important to note that the components of a risk mitigation plan may vary depending on the specific characteristics of the architecture firm, its projects, and the regulatory environment; it is crucial to tailor the risk mitigation plan to the firm’s unique needs and circumstances. There are a wide range of AIA resources available at the AIA Trust and its partner Victor Insurance