The construction industry currently accounts for 40% of global CO2 related emissions, with embodied emission specifically contributing 11%, while building operation emission values stand at 27%. If emission values are to be reduced based on the stipulations of the Paris Agreement, the current building stock needs to be retrofitted to meet current sustainability demands. The intricacies of these projects, however, make their inherent risks difficult to manage. The study aims at investigating the challenges with risk management in building retrofit projects. A quantitative research method was adopted via the use of a survey where closed-ended questionnaires were administered to purposively sampled construction professionals. A total of 108 responses were obtained, and data analysis was done using exploratory factor analysis (EFA). Findings revealed four constructs as risk management challenges. These are scope changes, insufficient documentation, institutional barriers, and inadequate risk assessment. The study contributes to the body of knowledge by mapping out credible constructs for risk management of building retrofitting projects. Furthermore, it deepens the discussion on efficiency improvement of the current building stock in a developing nation like South Africa where carbon emission from existing buildings is extremely high.