BUSINESS CONTINUITY MANAGEMENT FOR QUANTITY SURVEYORS IN SINGAPORE

Abstract

Business is inherently risky. This is especially so in our modern context, where the environment is dynamic, quick paced and constantly changing, and where unexpected events are of second nature. The same applies to the construction industry and the Quantity Surveying profession, where large-scaled projects and massive sums of money are involved. While Risk Management may already be prevalent, it is insufficient for the recovery of operations should a crisis strike. Therefore, in managing the survivability of a business in times of crises, the continuity of operations and services should be planned for. This is where Business Continuity Management is essential. It combines aspects of Risk Management with Business Impact Analysis to provide strategies for the continuity of operations. In 2005, Singapore became the first country in the world to develop an official set of standards in the area of Business Continuity Management, now known as the Singapore Standards SS 540: 2008. Adoption of Business Continuity Management and its standards in Singapore has however seemed to be dismal, including those firms that offer professional quantity surveying services. In narrowing down to the Quantity Surveying profession and analyzing the trends and practices, it is hoped that this study will provide a deeper insight into Business Continuity Management for this profession and serve as a platform for future research to improve the situation.