RSIAM risk profile for managing risk factors of international construction joint ventures

Abstract

The international construction joint venture (ICJV) has been adopted in the global construction industry. However, it is extremely risky due to the size, complexity, and multifaceted operations of ICJV projects. Although there were many studies focusing on the risks in the ICJV, none of them examined simultaneously the chain of risk factors, risk sources, as well as the impact spectrum of risk factors, risk assessment, and risk response measures. The objective of this study is to establish a RSIAM profile, which stands for risk factors (R), risk sources (S), impact spectrum of risk factors on ICJV project objectives (I), risk assessment in different stages (A), and risk response measures for the implementation of ICJV projects (M). In this study, the risk factors were identified based on previous studies and pilot tests with 8 experienced professionals. Structured interviews with 15 experienced professionals were conducted to identify the risk sources and the impact spectrum of risk factors, to assess the likelihood of occurrence and the impact of each risk factor, as well as to compile risk response methods and measures. The results from the interviews were then used to build the RSIAM risk profile for ICJV projects. The RSIAM risk profile can assist practitioners to manage all risk factors in every stage of ICJV projects systematically and efficiently.