Enterprise Risk Management in Construction Firms: A Proposed Implementation Framework

Xianbo Zhao (), Bon-Gang Hwang () and Sui Pheng Low ()
Additional contact information
Xianbo Zhao: Central Queensland University
Bon-Gang Hwang: National University of Singapore
Sui Pheng Low: National University of Singapore

Chapter Chapter 75 in Proceedings of the 19th International Symposium on Advancement of Construction Management and Real Estate, 2015, pp 917-924 from Springer

Abstract: Abstract Although the construction industry is project-based, risk management should cover risks at both project and enterprise levels because overemphasis on project risk management would lead to some limitations. As a holistic and integrated risk management approach, enterprise risk management (ERM), which agrees with the modern portfolio theory, deals with the entire risk portfolio of a firm and has been advocated in the construction industry. This study provides an understanding of ERM in construction firms and proposes an ERM framework for construction firms, based on the literature review. The components in this proposed framework represent the fundamentals of ERM. This framework could serve as a guide for ERM implementation in construction firms. As few studies have been focused on ERM in construction firms, it is believed that the proposed framework can contribute to the existing body of knowledge relating to ERM.

Keywords: Risk management; Construction firms; Framework; Implementation (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-662-46994-1_75

Ordering information: This item can be ordered from
http://www.springer.com/9783662469941

DOI: 10.1007/978-3-662-46994-1_75

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().