A project is defined as a series of related activities with a well-defined set of desired end results (Fan et al. 2008). Projects are temporary organizational forms with unique features that set them apart from permanent organizational forms (Palm and Lindahl 2015). Walewski and Gibson (2003) defines international projects as those where owner or contractor of the projects are from a different country than the one, where the project is being executed. International projects are classified by Grey et al. (2010) as overseas (executed in a foreign country for a native firm), foreign (executed in a foreign country for a foreign firm), or global (project team consisting of professionals from multiple countries) projects. Han et al. (2008) claimed that overseas projects tend to have a high possibility of loss/failure compared to domestic projects. In project management, high levels of risk are considered to be a significant obstacle for project success (Zwikael and Sadeh 2007). Zwikael et al. (2013) defined risk as a scenario in which a project suffers a damaging effect. Projects are often exposed and averse to risks, and stakeholders ask for risk management to cover themselves against financial or legal consequences (Fang and Marle 2012). Hence, risk management becomes an integral part of project management (Isaac 1995; Han et al. 2008; Elkington and Smallman 2002). Risk management is very crucial for any project to complete successfully without compromising on the quadruple constraints of scope, cost, schedule, and quality (Yazid et al. 2014). Miller and Lessard (2001) proposed that understanding and managing project risks in large engineering projects are challenging tasks at the early phase. International projects have high levels of risk and complexity, which result in greater possibilities of overrun and conflict when compared with domestic projects (Eybpoosh et al. 2011). A survey conducted by Standish Group International Inc. (The Standish group CHAOS report 2013) shows that only 25–۳۰% projects are completed successfully. Most of the projects fail due to cost overrun or schedule overrun. Success of any project mainly depends on upon understanding the risks associated with the specific project and effective implementation of risk management (Walewski and Gibson 2003). Tah and Carr (2001) emphasized the importance of establishing a systematic risk management process for each decision phase of a construction project. Effective project risk management is possible by knowing the various barriers in risk management and the strategies to overcome them (Hwang et al. 2014; Harner 2010). Some risks remain constant throughout project, whereas some risks arise and diminish during the project (PMI 2013). To improve project performance, the risks which occur across entire project life cycle must be recognized and managed.