Introducing systemic risk management to engineering consultation industry: A case study

Abstract

Engineering consultation industry plays a central role in developing countries. This industry approaches risk management by using a set of practices related to risk which the industrial project are exposed. However, this limited angle does not satisfy the complexity and nature of real life risks. This paper introduces a systemic approach, supposedly to improve handling project risks through better identifying and managing project risks in the engineering consultancy in Egypt. The proposed model supports the holistic concepts of system definition and hazard identification. The model has been applied in one of Egyptian expert houses as a pilot project. Outcomes of this research will allow the engineering consultants to develop/improve performance if the proposed concepts of systemic risk management are applied.