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    Reducing hindrances to enterprise risk management implementation in construction firms

    Access Status
    Fulltext not available
    Authors
    Zhao, X.
    Hwang, B.
    Pheng Low, S.
    Wu, Peng
    Date
    2015
    Type
    Journal Article
    
    Metadata
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    Citation
    Zhao, X. and Hwang, B. and Pheng Low, S. and Wu, P. 2015. Reducing hindrances to enterprise risk management implementation in construction firms. Journal of Construction Engineering and Management. 141 (3).
    Source Title
    Journal of Construction Engineering and Management
    DOI
    10.1061/(ASCE)CO.1943-7862.0000945
    ISSN
    0733-9364
    School
    Department of Construction Management
    URI
    http://hdl.handle.net/20.500.11937/22670
    Collection
    • Curtin Research Publications
    Abstract

    Although enterprise risk management (ERM) has been advocated in the construction industry, its implementation is still plagued with hindrances. The objectives are to identify the critical hindrances to ERM implementation in Chinese construction firms (CCFs) and investigate the interrelationships among these critical hindrances. To achieve the objectives, 36 hindrances were identified through a literature review and a questionnaire survey was performed with 119 respondents. The results indicated that 20 hindrances were deemed critical, among which insufficient resources (e.g., time, money, and people) was ranked top. Additionally, the critical hindrances were categorized into lack of relevant resources and procedures (LRRP), lack of senior-level support and leadership (LSSL), and lack of high-quality data (LHQD). LSSL contributed to LRRP, whereas LRRP resulted in LHQD. The managerial implications drawn from these results can help the management take measures to overcome them. Although this study is focused on CCFs, other firms may use the identified hindrances and follow the method to prepare their customized list of hindrances.

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