Risk of not implementing Risk Management...!!!

Sounds funny! but its true.
We all talk of Risks in Construction, but it is very rarely that a stringent and religious implementation of Risk Management is being effected in all construction projects.
Risk Management doesn't necessarily enforce that separate team or individual to be nominated for performing Risk Management activities in a project. But every individual in the project team shall have to contribute to this.
At times a Risk Register or Risk Management efforts looks very active and attractive towards start of the project just to get some contingency funds approved by top management.
This approved risk fund forms a part of budgetary cushion for Project Managers instead of serving the purpose for which it was intended to.