Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You and Your Team.

Learn More →

Risk management implementation in small and medium enterprises in the UK construction industry

Risk management implementation in small and medium enterprises in the UK construction industry Purpose – The competition and challenges facing construction firms during the recent recession have brought risk management (RM) to the fore in people’s minds. Examination of the difficulties of implementing RM in small and medium enterprises (SMEs) in the UK construction industry has been relatively untouched. The paper aims to discuss these issues. Design/methodology/approach – As part of on-going research to facilitate RM processing aimed at improving the competitiveness of SMEs, the difficulties in RM implementation were identified through a literature review of RM implementation in SMEs. Postal questionnaire were sent to SMEs who have experience of construction management. Findings – Of the 153 of SMEs responding, most highlighted that the main difficulty experienced is how to scale RM process to meet their requirements. None of the available standards explain the fundamental principle of applying RM to the situations that SMEs find themselves in. This difficulty is further exacerbated by a lack of management skills and knowledge in the adoption of RM tools or techniques to identify and analyse the business’ risks. Originality/value – The identified difficulties can be considered to develop a process to facilitate RM process within SMEs. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Engineering, Construction and Architectural Management Emerald Publishing

Risk management implementation in small and medium enterprises in the UK construction industry

Loading next page...
 
/lp/emerald-publishing/risk-management-implementation-in-small-and-medium-enterprises-in-the-BXRGIIB9z7
Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0969-9988
DOI
10.1108/ECAM-04-2014-0057
Publisher site
See Article on Publisher Site

Abstract

Purpose – The competition and challenges facing construction firms during the recent recession have brought risk management (RM) to the fore in people’s minds. Examination of the difficulties of implementing RM in small and medium enterprises (SMEs) in the UK construction industry has been relatively untouched. The paper aims to discuss these issues. Design/methodology/approach – As part of on-going research to facilitate RM processing aimed at improving the competitiveness of SMEs, the difficulties in RM implementation were identified through a literature review of RM implementation in SMEs. Postal questionnaire were sent to SMEs who have experience of construction management. Findings – Of the 153 of SMEs responding, most highlighted that the main difficulty experienced is how to scale RM process to meet their requirements. None of the available standards explain the fundamental principle of applying RM to the situations that SMEs find themselves in. This difficulty is further exacerbated by a lack of management skills and knowledge in the adoption of RM tools or techniques to identify and analyse the business’ risks. Originality/value – The identified difficulties can be considered to develop a process to facilitate RM process within SMEs.

Journal

Engineering, Construction and Architectural ManagementEmerald Publishing

Published: Jan 19, 2015

There are no references for this article.