The performance of construction projects is considerably affected by project risks in terms ofrncost, time and quality. Risks in the construction industry are not limited to construction projectsrnas it is largely presumed. However, construction companies are not observed trying to cope uprnwith them. The objective of the study to assess the risk management practice of 20/80rncondominium housing project in Bole Arrabsa-6. The study is of a descriptive type, which madernuse of both qualitative and quantitative approaches as methodology to address the researchrnobjective. Data was collected via semi structured questioners and open-ended interviewrnquestions effectively. Among 107 employees working as the contractor and consultant in therncompanies being involved in the project, questionnaires were distributed to 55 engineersrnworking in different positions and interview was made with the site manager and constructionrnmanager. Participants who involved in completing the questioner were selected using purposivernsampling. Descriptive statistics was used to summarize the quantitative data compiled by SPSSrn21. Data were summarized using measures of central tendency.rnThe study generally revealed that the housing and development agency is practicing riskrnmanagement in an ad-hoc manner, where there is no well designed and workable policy beingrnimplemented to guide the risk management and no enough attention is given to risk planning tornchannel the risk identification, analysis and response concurrently with the project plan andrnobjective. Based on this finding the study has provided recommendations on how to apply riskrnmanagement process practice in 20/80 condominium housing project.