Risk is inherent in building construction; and at every stage of the construction process, the burden is forced with the daunting task of mitigating the identified risk. This study seeks to examine the causes of risk in building construction as well as identifying the appropriate management strategies for mitigating the risk. The questionnaire was prepared and administered on a total of 36 persons found in twelve (12) project sites visited in Uyo, Akwa Ibom State. In each site, three (3) persons including property owners, site engineers/property managers, builders/masons, carpenters, electricians, plumbers and town planning officers were randomly picked for the administration of questionnaires. Out of the sampled 36 persons, 32 persons which represented 88.89% completed the questionnaires and returned same to the researcher within the timeframe. This constituted the sample size for the study. The major causes of risks in building construction were identified as poor soil texture which resulted to poor setting and timbering as shown by building construction index (BCI) of 0.88, poor concrete mix for blocks and choking as shown by BCI of 0.88 and foundation as shown by BCI of 0.72, use of inferior building materials as shown by BCI of 0.72, and poor workmanship as shown by BCI of 0.72. The research revealed that the key elements in risks management process revolve around proper supervision of the project which involves identification and evaluation of risk sources, adequate choice of building materials and workforce, and monitoring of physical construction. It recommended routine inspection to identify potential sources of risks and properly management to forestall unforeseen occurrences in the building.