Update on the Evolving E&C Risk Environment: The 2019 AGC/FMI Risk Management Survey
The engineering and construction (E&C) industry faced a very different risk environment three years ago, when AGC’s Surety Bonding and Risk Management Forum—in collaboration with FMI—conducted its first survey of that environment. E&C firms were having a difficult time adapting to a world where 35% of respondents thought their organizations were ineffective in managing risk. Since then, the industry has continued to evolve, and today it appears contractors are increasing their emphasis on risk as a strategic priority.
This year’s survey indicates that executives are more likely to take a proactive approach to risk management as opposed to viewing it as a defensive exercise. The most proactive firms are seeing a direct correlation between profitability and their success in identifying, assessing, managing and mitigating risk. Our research also shows that firms are using new tools and risk management strategies and leveraging technology in a more sophisticated way in order to adapt to the changing E&C landscape.
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