Risk identification is integral to construction management. The severe consequences of identified risk factors on time and cost performance can be addressed by improved risk management. The identification and preparation of responses to risk factors affects the risk management process directly and indirectly. Recent changes in the valuation of the Egyptian currency against foreign currencies during the last year and measures to cut down on the importation of engineering materials and equipment have had significant effects on the existing and recognized regulations concerning construction in Egypt. A pilot survey with expert engineers is a crucial step in completing research. In this research study, 15 experts were asked to discuss the collected risk factors from previous studies to verify the workability of these factors in Egypt. Thirty-five risk factors were selected during the pilot survey, which was distributed to 95 participants. To facilitate the analysis process, the collection was based on a five-point Likert scale. Therefore, redefining and arranging the risks according to the current circumstances is the main objective of this study. The proposed model identified different high-risk factors that could cumulatively affect overall performance, such as funding problems from contractors, material price fluctuations, unrealistic estimates of the duration of project activities, and shortages of construction materials in the market. Thus, to help stakeholders achieve project success, these high-risk factor components should be identified and controlled duly.