Risk Management Practices in South Africa

Ayodeji E. Oke, Pelumi E. Adetoro, Seyi S. Stephen, Clinton O. Aigbavboa (), Lukman O. Oyewobi () and Douglas O. Aghimien
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Ayodeji E. Oke: Federal University of Technology Akure
Pelumi E. Adetoro: Malawi University of Business and Applied Sciences
Seyi S. Stephen: University of Johannesburg
Clinton O. Aigbavboa: University of Johannesburg
Lukman O. Oyewobi: Federal University of Technology Minna
Douglas O. Aghimien: De Mont Fort University

Chapter Chapter 6 in Risk Management Practices in Construction, 2023, pp 59-66 from Springer

Abstract: Abstract Risk management often deals with analyzing market and non-market risks (short- and long-term risks). Also, risk management analyzes the influence of risks on the corporate environment by developing strategies to mitigate risk exposure. As a developing economy, South Africa poses long-term economic, financial, and operational risks to investors through several developmental practices. These risks have raised some concerns regarding a lack of accountability, increased expenses, an unstable economy, the spread of economic crisis from one region to another, and constraints in enforcing the rule of law. The South African construction industry has been making progress in implementing risk management practice through different frameworks, and the result has been great over the years. However, there is still a lot of work to be done in terms of its full adoption, challenges, benefits, etc. It makes up the country’s reception toward risk management practice.

Keywords: Construction risk; Project delivery; Project risk; Risk influence; Risk practice; Risk types (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-35557-8_6

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