DEVELOPMENT OF RISK MANAGEMENT CAPABILITY ASSESSMENT TOOLKIT FOR QUANTITY SURVEYING FIRMS IN LAGOS STATE, NIGERIA

Abstract

Assessing risk management capability of consulting firms would contribute significantly to organization service delivery and efficiency. Hence this study used capability maturity model (CMM) methodology to develop an assessment toolkit that identifies the risk management capability of consulting firms. Towards achieving the aim of the study, an assessment toolkit was developed using the risk management capability attributes identified from literature. The toolkit was then verified by group of professionals. This study identified 31 capability attributes for assessing risk management capability and developed a risk management capability toolkit that contains capability level definitions ranging from level 1 (Adhoc) to level 5 (Optimized). The outcome of this study provides both theoretical and practical contributions to knowledge. The theoretical contributions are the verified capability attributes for risk management, the capability attributes can be adopted for use in subsequent studies. Also, the application of RMC assessment toolkit in risk management, this has expanded the boundary of RMC application. The practical contributions of this study include the identified capability attributes, the capability level definitions and the CMM assessment toolkit for describing consulting firms and benchmarking the capabilities of consulting firms for risk management. The toolkit indicates what needs to be carried out to achieve a higher capability level for risk management.