Effective risk management is essential to construction projects’ performance, especially in developing nations where unstable conditions increase the likelihood of problems including delays, cost overruns, and safety violations. With a focus on proactive risk identification, thorough evaluation, and flexible mitigation techniques catered to the socioeconomic and political complexity of emerging economies, it offers an organized framework for managing risks. This chapter emphasizes the importance of risk management in maintaining project goals, building stakeholder trust, and guaranteeing the creation of sustainable infrastructure. Integrated risk assessment, which combines quantitative techniques like Monte Carlo simulations with qualitative tools like SWOT/PESTLE, risk-sharing mechanisms like public-private partnerships, and solutions powered by technology like building information modeling (BIM) for real-time risk cognizance through cloud-based risk monitoring, is one of the key strategies covered. Emphasis is laid on the importance of stakeholder participation and contingency planning (such as buffer budgets and alternative labor sourcing) in addressing region-specific issues like political unpredictability, exchange rate swings, and infrastructure deficiencies. To close the gaps between conventional methods and contemporary expectations, innovations like blockchain-enabled transparency, AI-powered forecasting, and flexible worker training programs are suggested. Case studies from Southeast Asia, Africa, and India show how localized approaches, such as fixed-price material contracts and flood-resilient urban planning, mitigate risks like supply-chain interruptions and monsoons. This chapter proposes a hybrid approach that strikes a balance between standardization and local flexibility by combining empirical observations from emerging economies with theories of global risk management. By connecting theory and practice, this study promotes academic discussion and practical application, enabling stakeholders to improve project resilience, maximize resource use, and promote fair economic growth in elevated risk construction settings.