Overseas construction projects are exposed to diverse and complex risks, including political, economical, social, and cultural issues. They tend to have a high possibility of loss/failure compared to domestic projects. For this reason, risk management is getting more important, emphasized, and systemized so as to improve the project performance. Since each phase of a construction project causes different types of risk associated with decision-making process, risk management system for global projects should be tailored to satisfy the specific needs of the particular phase. In this way, various risk management issues that arise through the entire life cycle of the project can be constantly checked and monitored. This study reviews basic decision-making processes in the global construction projects, and presents a framework for risk management of each process of a sequential decision. A fully integrated risk management system is also developed as a decision supporting tool, using key risk factors of each stage of a project.