During the construction of the regulation of a watercourse, a large number of
unexpected events can occur and increase the risk associated with the
project hindering its successful realization. Risk events can result in
breaking deadlines, increasing costs, reducing quality, etc. This paper
analyzes the risk in the implementation of the Medalj stream regulation
project, using the appropriate method that gives the best results for each
phase of the risk analysis. Thus, the HAZOP method was used to identify risk
events, the risk matrix to define the level of risk, the FMEA method to
propose actions to reduce the possibility of risk event occurrence, the
Fault tree method to determine the cause of risk event occurrence and the
Event tree method to determine possible outcomes of risk events. The
obtained results showed that the key risk event was ?Only a part of the
planned soil excavated?, so the paper will present the results related to
earthworks, although the analysis referred to the entire project.