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Enterprise risk management in construction firms: A proposed implementation framework

conference contribution
posted on 06.12.2017, 00:00 by Xianbo Zhao, B-G Hwang, SP Low
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.

History

Editor

Shen L; Ye K; Mao C

Start Page

917

End Page

924

Number of Pages

8

Start Date

01/01/2015

Finish Date

01/01/2015

ISBN-13

9783662469934

Location

Chongqing, China

Publisher

Springer

Place of Publication

Berlin

Peer Reviewed

Yes

Open Access

No

External Author Affiliations

National University of Singapore; Not affiliated to a Research Institute; School of Engineering and Technology (2013- );

Era Eligible

Yes

Name of Conference

International Symposium on Advancement of Construction Management and Real Estate