Identifying factors of risk management for the construction industry

Delays and cost overruns are recurrent in construction projects. Risk management (RM) has been developed to curtain risks associated with construction projects. However, there is no consensus of what factors should constitute RM for construction projects. Therefore, this paper scrutinises preceding studies on the theme of RM and establish core risk management factors (RMFs) that are indispensable to make the concept valuable in the construction industry (CI). A literature search related to RM was conducted in order to identify common RMF. It was indicated that there is still misunderstanding and disagreement over the factors that should constitute RM in construction. However, the RMFs of organisational environment, defining objectives, resource requirement, risk measurement, risk identification, risk assessment, risk response and action planning, communication, monitoring, review and continuous improvement dominate the literature. Identifying RMF that can effortlessly be understood and implemented will contribute to ameliorating the current RM status and boosting the body of knowledge. © 2018 The Authors. Published by Diamond Congress Ltd. Peer-review under responsibility of the scientific committee of the Creative Construction Conference 2018.