Mitigating risk in the building and construction sector : developing risk management indicators for Malta

Abstract

Construction projects operate in a challenging environment and proactively seek to counter problems as they arise due to the complex nature of processes and operational techniques. Recent updates to the local regulatory framework have recognised the need to upgrade the trade, impacting a wide range of stakeholders including (but not limited to) architects, contractors, site technical officers, civil engineers, geotechnical engineers and tradesmen. As the industry operates in a high-risk environment, it is considered critical to examine the level of risk that projects face. In this regard, risk mitigation would safeguard other project indicators such as quality, time and cost by triggering red flags when processes do not meet the required standards and commitments. This research seeks to explore indicators as triggers for risk mitigation within the local scene and a risk management route undertaken for a number of projects, if undertaken at all. The methodology used is a qualitative technique for extracting thematic elements followed by a thematic analysis, to serve as a baseline for the identification of indicators. The research presents a set of recommendations for strengthening and implementing risk management pathways to ensure that risk management processes are considered and properly followed.