Building firms are putting themselves in danger by not taking risk seriously says CMI survey

Organisations in construction have a “misplaced confidence” in their abilities to cope with uncertainty and change.

Only a third of businesses in the sector believe that managing risks is a priority. This was the top finding of a survey by the Chartered Management Institute.

The study also identified lack of long term planning and a failure to keep up with modern technology as major concerns facing the sector. Under a quarter of firms think that prioritising the firm’s reputation is essential for long term success.

Only 11% said that keeping abreast of technological developments was a prime concern.

Jo Coulson, director of marketing and corporate affairs at the CMI, said: “Questions need to be asked about how UK organisations will be able to manage in the future, if they fail to address key operational issues. In the current economic environment the need for high levels of efficiency are all too apparent.”