Magazine article Business Credit

Struggling Economy Demands Construction Industry Embrace Enterprise-Wide Risk Management

Magazine article Business Credit

Struggling Economy Demands Construction Industry Embrace Enterprise-Wide Risk Management

Article excerpt

Survey respondents to Aon Risk Solutions' 2011 Global Risk Management Survey cited senior management's intuition and experience as the primary method to identify major risks, the report underlines the importance for organizations to embrace an enterprise-wide risk management approach that is optimized on a global basis.

The industry's top risks as identified by survey respondents are included in the report, with the economic slowdown leading the list. Rounding out the top four risks are increasing competition, damage to reputation/brand and failure to attract or retain top talent. Regulatory/legislative changes and third-party liability tied for the fifth spot.

Mary Ann Krautheim, client strategy officer of Aon Construction Services Group, added, "The construction industry is expected to grow by 67% by 2020. Business leaders who use an enterprise-wide approach to identifying and assessing risks today will emerge from the economic storm in a stronger position with a larger market share"

Key Findings of the 2011 Construction Industry Report Include:

* Construction companies have invested and committed significant resources to risk control/safety practices to help lower the frequency and severity of loss, and according to the survey, they would like to see recognition of this investment by carriers in the form of lower premiums. …

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