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A case study of enterprise risk management implementation in Malaysian construction companies

Enterprise Risk Management (ERM) is claimed as among the key elements in the internal control components, which help the organizations to ensure that principal risks are monitored and managed well within the organizational structure. Implementing ERM in organizations would help to put the process of...

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Main Authors: Mustapha, Mazlina, Adnan, Amirah
Format: Article
Language:English
Published: EconJournals 2015
Online Access:http://psasir.upm.edu.my/id/eprint/43464/1/abstract00.pdf
http://psasir.upm.edu.my/id/eprint/43464/
http://www.econjournals.com/index.php/ijefi/article/view/1345
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spelling my.upm.eprints.434642018-01-16T09:48:18Z http://psasir.upm.edu.my/id/eprint/43464/ A case study of enterprise risk management implementation in Malaysian construction companies Mustapha, Mazlina Adnan, Amirah Enterprise Risk Management (ERM) is claimed as among the key elements in the internal control components, which help the organizations to ensure that principal risks are monitored and managed well within the organizational structure. Implementing ERM in organizations would help to put the process of monitoring, reviewing and identification of risks in a better perspective. This study attempts to explore the ERM implementation in Malaysian construction companies. This sector is chosen as it is claimed that ERM can help construction companies make appropriate and accurate decisions in planning and construction of projects. In addition, this study is conducted to assist and improve ERM implementation of a small construction company. A comparison is conducted between this small company to a bigger construction company, which has implemented ERM for a number of years in an effort to assist the former to improve its implementation. Interviews were conducted to obtain the data for the study. Top management, risk owners, and employees of both companies were interviewed. The interview results were analyzed and presented to the smaller company. Among others, the results suggest that the awareness and understanding of ERM concept by employees is the main factor in ensuring a successful ERM implementation because the employees will be the first to experience such risks in their day-to-day operations. Participation from all level of employees, especially the commitment from the top management is crucial to ensure its successful implementation. In addition, continuous maintenance activities such as follow up monitoring and maintenance of a risk management exercises are important in managing risks effectively. EconJournals 2015 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/43464/1/abstract00.pdf Mustapha, Mazlina and Adnan, Amirah (2015) A case study of enterprise risk management implementation in Malaysian construction companies. International Journal of Economics and Financial Issues, 5 (spec.1). pp. 70-76. ISSN 2146-4138 http://www.econjournals.com/index.php/ijefi/article/view/1345
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description Enterprise Risk Management (ERM) is claimed as among the key elements in the internal control components, which help the organizations to ensure that principal risks are monitored and managed well within the organizational structure. Implementing ERM in organizations would help to put the process of monitoring, reviewing and identification of risks in a better perspective. This study attempts to explore the ERM implementation in Malaysian construction companies. This sector is chosen as it is claimed that ERM can help construction companies make appropriate and accurate decisions in planning and construction of projects. In addition, this study is conducted to assist and improve ERM implementation of a small construction company. A comparison is conducted between this small company to a bigger construction company, which has implemented ERM for a number of years in an effort to assist the former to improve its implementation. Interviews were conducted to obtain the data for the study. Top management, risk owners, and employees of both companies were interviewed. The interview results were analyzed and presented to the smaller company. Among others, the results suggest that the awareness and understanding of ERM concept by employees is the main factor in ensuring a successful ERM implementation because the employees will be the first to experience such risks in their day-to-day operations. Participation from all level of employees, especially the commitment from the top management is crucial to ensure its successful implementation. In addition, continuous maintenance activities such as follow up monitoring and maintenance of a risk management exercises are important in managing risks effectively.
format Article
author Mustapha, Mazlina
Adnan, Amirah
spellingShingle Mustapha, Mazlina
Adnan, Amirah
A case study of enterprise risk management implementation in Malaysian construction companies
author_facet Mustapha, Mazlina
Adnan, Amirah
author_sort Mustapha, Mazlina
title A case study of enterprise risk management implementation in Malaysian construction companies
title_short A case study of enterprise risk management implementation in Malaysian construction companies
title_full A case study of enterprise risk management implementation in Malaysian construction companies
title_fullStr A case study of enterprise risk management implementation in Malaysian construction companies
title_full_unstemmed A case study of enterprise risk management implementation in Malaysian construction companies
title_sort case study of enterprise risk management implementation in malaysian construction companies
publisher EconJournals
publishDate 2015
url http://psasir.upm.edu.my/id/eprint/43464/1/abstract00.pdf
http://psasir.upm.edu.my/id/eprint/43464/
http://www.econjournals.com/index.php/ijefi/article/view/1345
_version_ 1643833573495537664
score 13.211869

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