When using a Tunnel Boring Machine (TBM) during tunneling work, unexpected ground conditions can be encountered that are not predicted in the design stage. These reduce the stability of tunnels, and can result in considerable economic losses. This paper analyzes the potential risk events that may occur due to risky ground conditions. A resistivity survey is utilized to predict the risky ground conditions ahead of the tunnel face during construction. The potential risk events are evaluated considering both the occurrence probability and the impact. A TBM risk management system that can suggest proper solution methods for potential risk events is also developed. Multi-Criterion Decision Making (MCDM) is utilized to determine the optimal solution method to handle risk events. Lastly, an actual construction site, at which a risk event occurred during tunnel construction, is analyzed utilizing the Earth Pressure Balance (EPB) Shield TBM, to verify the efficacy of the proposed system.