One of the biggest problems facing the construction sector throughout the globe is financial risks. This is especially true for building projects in Iraq.  These hazards often result in project delays and budgetary constraints.  The goal of this research is to find the reasons behind financial hazards.  A questionnaire was used to discover and extract sub-factors.  A probability and effect matrix was also used to provide a quantitative study of these parameters. We also utilized the relative relevance index to rank the hazards.  The study's findings revealed that eight factors significantly influenced the project, categorized as high risk: inaccurate cost estimates, delayed client payment processes, clients' financial instability, material price fluctuations, change orders, corruption, strong political opposition, and operations in hazardous areas. This research will help those who work on building projects, such as owners, contractors, engineers, and decision-makers, figure out what causes financial hazards.  It will also help them build a useful risk management strategy to lessen the impact of these risks on future construction projects.  It also cuts down on time and money lost on projects and makes them better and more long-lasting.