KCQS

There are a few key challenges that the firm appears to be facing.  Financial Risk Management is main risk  in their company.
Currency risk: the group have currency risk on its net assets; in particularly, pound occupy significant  part in currencies. However, most of Group borrowings are held in US dollars, euros and Australian dollars, for offer a hedge against these currency net assets. Therefore, Keller Group should  decrease currency flows' foreign exchange risk.
Interest rate risk

Interest rate risk is managed by mixing fixed and floating rate borrowings depending upon the purpose and term of the financing. As at 31 December 2012,there are about 77% of the Group’s third-party borrowings bore interest at floating rates. 
Credit risk
The Group’s primary financial assets are trade and other receivables, bank and cash balances and a limited number of investments and derivatives held to hedge certain of the Group’s liabilities. These represent the Group’s maximum exposure to credit risk in relation to financial assets. 

The second risk is that principal risks affect company development.
Market cycles:the Group's broad assists to reduce against the risk of downturn in markets.
Tendering and management of objects
Acquisitions
Safety:when the construction industry start operation, it may happens some accidents.  
People 
Annual report :http://www.keller.co.uk/investor/reports-archive/2012rep.aspx