Operational Risk Management (ORM) as an Approach to Optimize Sustainability in the Construction Industry

Abstract

In the contemporary domain, sustainable construction projects are growing in the market with advanced standards. With the application of new materials and technology in construction, there has been an exponential surge in risks. The significance of risk administration in optimizing sustainability in construction ventures is, therefore, augmenting. This thesis assignment was aimed at expanding insights into project-related operational risks in the construction sector and their management. It was requisite to get familiar with good practices in the sector to suggest effective recommendations relating to the topic. The thesis examined operational risk management (ORM) as an approach to optimize sustainability in the construction industry. The thesis assumed an archival study and secondary analysis to construe the study hypothesis. Data gathering utilized both primary and secondary approaches. The questionnaire was used to reinforce the research outcomes. Data analysis involved categorization using a network of relationships. The results from 10 articles sampled in the study indicated that while most actors in the construction sector understand the importance of risk management, the role played by ORM in improving sustainability is not widespread.