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Abbasian-Hosseini, S A, Hsiang, S M, Leming, M L and Liu, M (2014) From Social Network to Data Envelopment Analysis: Identifying Benchmarks at the Site Management Level. Journal of Construction Engineering and Management, 140(08).

Arambula, E and Gharaibeh, N (2014) Methods for Accumulating Construction and Material Quality Test Results and Their Effect on Acceptance Decisions. Journal of Construction Engineering and Management, 140(08).

Hanna, A S, Lotfallah, W, Aoun, D G and Asmar, M E (2014) Mathematical Formulation of the Project Quarterback Rating: New Framework to Assess Construction Project Performance. Journal of Construction Engineering and Management, 140(08).

Kim, T W and Fischer, M (2014) Ontology for Representing Building Users’ Activities in Space-Use Analysis. Journal of Construction Engineering and Management, 140(08).

Lau, S, Lu, M and Poon, C (2014) Formalized Approach to Discretize a Continuous Plant in Construction Simulations. Journal of Construction Engineering and Management, 140(08).

Mello Saraiva Caldeira, L M and Brito, A (2014) Use of Soil-Rock Mixtures in Dam Construction. Journal of Construction Engineering and Management, 140(08).

Naderpajouh, N, Mahdavi, A, Hastak, M and Aldrich, D P (2014) Modeling Social Opposition to Infrastructure Development. Journal of Construction Engineering and Management, 140(08).

Pomares, J C, Irles, R, Segovia, E and Ferrer, B (2014) Acceleration and Deflection Analysis for Class C Edge Protection Systems in Construction Work. Journal of Construction Engineering and Management, 140(08).

Sousa, V, Almeida, N M and Dias, L A (2014) Role of Statistics and Engineering Judgment in Developing Optimized Time-Cost Relationship Models. Journal of Construction Engineering and Management, 140(08).

Xia, B, Skitmore, M, Wu, P and Chen, Q (2014) How Public Owners Communicate the Sustainability Requirements of Green Design-Build Projects. Journal of Construction Engineering and Management, 140(08).

Zhao, X, Hwang, B and Low, S P (2014) Investigating Enterprise Risk Management Maturity in Construction Firms. Journal of Construction Engineering and Management, 140(08).

  • Type: Journal Article
  • Keywords: Risk management; Construction companies; Enterprise risk management; Construction firms; Maturity; Project planning and design;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000873
  • Abstract:
    Enterprise risk management (ERM), as a holistic approach to risk management, has been advocated in the construction industry. The objectives of this paper are to assess the ERM maturity in Chinese construction firms (CCFs) based in Singapore and uncover how ERM was implemented in these firms. Through a questionnaire survey with 35 CCFs, the data relating to ERM implementation were collected. The analysis results indicated a low level of ERM maturity in these firms, and the positive association between ERM maturity and firm size. In addition, risk communication, objective setting, and risk-aware culture were the top three scores, while formalized key risk indicators and a risk management information system were the bottom two scores. Moreover, three case studies were conducted. The cross-case comparison results substantiated the survey findings, highlighted the influence of the parent firms on the ERM implementation, and indicated that the firms without formal ERM implementation can still have some practices consistent with the ERM fundamentals. These empirical results are arguably the first to be presented for the construction industry and therefore add to existing knowledge of ERM. In addition, various organizational issues have been identified that may influence ERM maturity. The future development of the ERM body of knowledge can, for enhancement purposes, take into account ERM maturity as well as the organizational issues for implementation. Furthermore, the ERM maturity of Singapore-based CCFs can serve as a ballpark benchmark, with which the other firms can compare in terms of ERM practices, and the similar research design and method can be used to investigate ERM implementation in CCFs located in other countries. Therefore, this paper significantly contributes to the ERM body of knowledge.