Risk management which involves hazard identification and risk assessment and control, is a major
component of an effective Safety Management System. The results of data analysis on a typical construction company in Nigeria turned out t-values for element 2.1: Systematic Hazard Identification and 2.2: Assessment of Risk Level as -15.676 and -16.688 respectively. These again fall below the critical region of expected t-value of 1.99. It therefore implies that the current Safety Management System in practice at a typical Nigerian construction company is not adequately identifying all conceivable risk factors and hazards in the general work process or peculiar construction projects until when incidences have occurred. Similarly, it can be presumed that as long as potential hazards are not pre-identified, there is no way associated risk level can be evaluated, thus making project designs or work designs at a typical Nigerian construction company lack practicable preventive plans incorporated in them.