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Implementing enterprise risk management in a Chinese construction firm based in Singapore
conference contributionposted on 06.12.2017, 00:00 by Xianbo ZhaoXianbo Zhao, B-G Hwang, SP Low
Despite the booming domestic construction market, an increasing number of Chinese Construction Firms (CCFs) have ventured overseas for market expansion, and thus are simultaneously exposed to higher business risks. Hence, they require not only project risk management (PRM) but also a more holistic and integrated approach to managing risks on an enterprise basis, which is known as enterprise risk management (ERM). The objective of this study is to examine ERM implementation in CCFs based in Singapore. As part of a larger research project, this current study adopts a case study approach in the first instance to understand the ERM implementation of a relatively large CCF based in Singapore. The information is collected through in-depth interviews with the senior management of the firm and document review. The empirical findings suggest that the firm has initiated an ERM program and established clear ERM ownership, a regular risk communication mechanism, and a risk-aware culture. However, the firm does not have a risk management information system, which may create inefficiency and hinder the involvement of staff at a lower level of the firm. The findings of this study provide valuable information about current ERM implementation status for practitioners and researchers.