Risk decision matrix has widely been favoured by the researchers in the area of construction safety risk assessment. Although it provides the
construction safety professionals with the final illustration of the risks magnitude, it suffers from major shortcomings, including inability to considering the importance
of probability and severity, impaired analysis resulting from the use of raw numbers for ratings, and the limited range of classifications for assessing the risks. All
these shortages give an impaired insight to the concerned parties, deteriorating the involved workers’ safety. As such, this paper aims to develop a novel Risk Assessment
Model (RAM) through the integration of the Fuzzy Best Worst Method (FBWM) with the Interval-Valued Fuzzy Technique for Order of Preference by Similarity to Ideal Solution
(IVFTOPSIS). Based on the application of RAM to a real-life case study, it was observed that the developed RAM contributes to the body of construction safety risk assessment
in five unique ways: (1) computing the importance of the two risk parameters (i.e. probability and severity) using fuzzy-reference-based comparisons, (2) obviating the needs
for having statistical data, (3) prioritizing the identified risks using the combination of interval-valued triangular fuzzy numbers with TOPSIS, (4) providing the safety
analysts with wider ranges of classifications for conducting risk assessment, and (5) providing the safety professionals with appropriate evaluation strategies for controlling
the analysed risks. The developed model in the study can be applied to any projects, giving a conclusive plan to the concerned safety professionals for adopting the further
prudent mitigation measurements.