Development and Validation of Elements for the Construction Risk Maturity Assessment (CRMA)

Abstract

ABSTRACT Construction organizations should always look for areas of improvement. Managing risk effectively on construction projects demonstrates expertise, improves customer satisfaction, and increases the likelihood for future work with the client. Construction organizations can improve risk management by measuring their perceptions and practices with identifying, analyzing, and managing risk, also known as risk maturity. Effective measurements will lead to the identification of strengths and weaknesses and can lead to improved performance. Risk Maturity Models (RMM) have been developed in the past to measure risk management practices and perceptions. These previous RMMs were developed in industries outside of construction management. This study aimed to validate the necessary elements for measuring construction risk maturity with industry risk management experts. A three-round Delphi method study was conducted with 28 construction risk management practitioners. The study resulted in a consensus of the key elements for measuring risk maturity. Twenty-five elements were identified and ranked in order of importance. New elements with risk maturity were identified in this study that were not observed in previous RMMs and are unique to the construction industry. All elements were combined to develop the Construction Risk Maturity Assessment (CRMA) for measuring and improving risk maturity in construction organizations.