RISKS AND RISK MANAGEMENT FOR INTERNATIONAL CONSTRUCTION PROJECTS - A STRUCTURED SYSTEM FOR SINGAPORE INTERNATIONAL CONTRACTORS

Abstract

This research attempts to study Singapore contractors' risk attitude, whether they have adopted structured risk management system, risks faced, and appropriate risk response strategies in the international construction market. A survey was done and statistical t test was applied in analyzing the data. There is sufficient evidence that Singapore contractors do not adopt structured risk management system when they undertake overseas projects. The survey has also identified major risks inherent in international market and has gather findings on risk response strategies to mitigate them. Based on the findings, the researcher has recommended a guideline for Singapore contractors in formulating a structured risk management approach when they undertake overseas projects. These steps broadly include setting up a risk management committee; understanding overseas projects and environment; risk classification, listing and compilation; qualitative and quality risk assessments; and risk response strategies.