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Construction industry accelerating innovation, risk management: Survey

The 13th edition of KPMG’s global construction survey presents something to cheer about after more than a year of upheaval. The survey presents an optimistic outlook with two-thirds of project owners predicting an expansion in their capital programmes, and half of all respondents ‘very’ or ‘somewhat’ optimistic about the future direction of the construction market.

Risk management is central to improving organisational resilience. Nearly 60 per cent of survey respondents say they want to gain a more holistic view of risks by increasing integration and visibility between enterprise risk management, portfolio risk management and project risk management.

Two-thirds of the respondents plan a moderate to high level of investment in risk management. Engineering and construction companies are now hoping to significantly reduce project failure by transforming the way they manage risks across their portfolio

‘Adoption of technology’ was also rated as the second most important factor to enable engineering and construction companies to cope with disruptive events.

According to Suneel Vora, Partner for major projects advisory at KPMG in India, “For Indian companies with major capital investments and construction projects, specific actions include collaborative project teams, improved risk sharing, integrated project information systems, common technology platforms and leadership level commitment to embrace diversity,” said Vora.

The global engineering and construction sector’s efforts to adopt diversity, equity and inclusion appear to be at a nascent stage — although owners have made greater progress than contractors. Only 46 per cent of respondents say their organisations have a formal programme for building diverse and inclusive teams, and a mere 26 per cent have a formal supplier diversity programme.

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