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Enterprise Risk Management in Construction Firms: A Proposed Implementation Framework

In: Proceedings of the 19th International Symposium on Advancement of Construction Management and Real Estate

Author

Listed:
  • Xianbo Zhao

    (Central Queensland University)

  • Bon-Gang Hwang

    (National University of Singapore)

  • Sui Pheng Low

    (National University of Singapore)

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.

Suggested Citation

  • Xianbo Zhao & Bon-Gang Hwang & Sui Pheng Low, 2015. "Enterprise Risk Management in Construction Firms: A Proposed Implementation Framework," Springer Books, in: Liyin Shen & Kunhui Ye & Chao Mao (ed.), Proceedings of the 19th International Symposium on Advancement of Construction Management and Real Estate, edition 127, chapter 0, pages 917-924, Springer.
    • Handle: RePEc:spr:sprchp:978-3-662-46994-1_75
    DOI: 10.1007/978-3-662-46994-1_75
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