Enterprise risk management and risk culture in construction public listed companies

Ching, Wong Ching and Rahim, Faizul Azli Mohd and Low, Siaw Chuing (2021) Enterprise risk management and risk culture in construction public listed companies. Journal of Construction in Developing Countries, 26 (2). pp. 17-36. ISSN 1823-6499, DOI https://doi.org/10.21315/jcdc2021.26.2.2.

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Inadequate risk management and lack of risk culture can expose a company to unexpected risk events, which can negatively affect its performance. However, there are inconsistencies in suitable dimensions to measure the enterprise risk management (ERM) construct, as well as insufficient embedding strategies for risk culture. This study aims to identify the ERM practices and risk culture dimensions among the Malaysian construction public listed companies (PLCs). The roles of top management and chief risk officer/risk manager in influencing ERM and risk culture are also explored. A total of 46 annual reports and 10 interviews of industry practitioners were analysed using content analysis. The analysis of the annual reports found that risk policy and risk appetite/tolerance, monitoring key risk and accountability are the three dimensions of risk culture. In addition, based on the interviews, reward and recognition and internal relationships were identified as the two dimensions of risk. Top management and risk manager were found to be the primary drivers of ERM programme and risk culture in construction PLCs. The results of this study are used to formulate a survey instrument for the subsequent data collection to test the proposed theoretical model. © Penerbit Universiti Sains Malaysia, 2021. This work is licensed under the terms of the Creative Commons Attribution (CC BY) (http://creativecommons.org/licenses/by/4.0/).

Item Type: Article
Funders: [IIRG007C-2019]
Uncontrolled Keywords: Enterprise risk management;Risk culture;Top management;Risk manager;Construction public listed companies
Subjects: T Technology > TH Building construction
Divisions: Faculty of the Built Environment
Depositing User: Ms Zaharah Ramly
Date Deposited: 19 Oct 2022 02:38
Last Modified: 19 Oct 2022 02:38
URI: http://eprints.um.edu.my/id/eprint/35690

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