Risk Management Framework for the Construction Industry According to the ISO 31000:2009 Standard

Abstract

With stakeholders seeking for reducing the uncertainties in construction projects, the application of risk management has gained increased interest over the past decades, with a particular emphasis on the risk management process. However, very little attention has been given to the framework that supports the implementation of risk management processes within the construction sector. One of the most relevant particularities of the ISO 31000:2009 standard 1 , on risk management -principles and guidelines, is the promotion of a risk management framework overseeing the implementation of risk management processes. The present paper proposes a risk management framework for the construction industry, taking into due consideration the specificities of construction-related companies and construction projects seeking to integrate risk management within their overall management system.