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Business continuity management in large construction companies in Singapore Sui Pheng Low

Business continuity management 219

Department of Building, National University of Singapore, Singapore

Junying Liu Department of Construction Management, Tianjin University, Tianjin, China, and

Stephen Sio Department of Building, National University of Singapore, Singapore Abstract Purpose – The aim of this study is to determine whether large construction companies practise business continuity management (BCM), the type of crises which companies deem impactful for their organizations and their reactions to certain crises. Design/methodology/approach – A survey of 22 large construction companies in Singapore was conducted. Findings – The survey suggests that, although the importance and usefulness of having BCM are clear, the receptiveness of BCM among large construction firms is far from ideal. In today’s unpredictable environment, there is a tendency for catastrophes to occur unexpectedly and to bring about undesired consequences. A large majority of the respondents did not have any form of BCM practices within their organization. This is mainly because they were unaware of what constitutes a business continuity plan. Research limitations/implications – The survey was conducted only among large construction companies; as such, the results obtained cannot be used to represent the entire industry. However, focusing on the larger companies is strategically correct for a start, because BCM-related initiatives, if any, tend to be undertaken by the larger companies, as they have the necessary resources, such as manpower and finance, to do so. Practical implications – To be successful in promoting BCM in the building industry, the relevant authorities in Singapore, such as the Building and Construction Authority, should demonstrate to construction companies how beneficial BCM is for the company’s operations, so that they can be better equipped to meet future challenges more confidently. Originality/value – As with all other businesses, an effective business continuity plan is critical to companies in the construction industry. Being in an industry that is constantly subjected to internal and external pressure, construction companies are likely to incur costly errors if they are caught unprepared when a crisis strikes. This is the first ever study of BCM in the construction industry. Keywords Business continuity, Construction industry, Singapore, Contingency planning Paper type Research paper

Introduction The readiness of a company in reacting to contingencies such as terrorism, the avian flu pandemic, killer tsunami waves, etc. is dependent on how actively involved its management is in embracing its business continuity plan. The term “business

Disaster Prevention and Management Vol. 19 No. 2, 2010 pp. 219-232 q Emerald Group Publishing Limited 0965-3562 DOI 10.1108/09653561011038011

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continuity plan (BCP)” refers to the identification and protection of critical business processes and resources required to maintain an acceptable level of business, protecting such resources and preparing procedures to ensure the survival of the organization in times of business disruptions. Thus the existence of the BCP enables the company to resume operations at the earliest opportunity without any further implication on the company in the event of an encounter with such contingencies. In short, an effective BCP is crucial to every company as it helps to ensure the continuous well-being of the company. Business continuity planning is however more than just a simple task of setting out certain contingency plans and avoiding risks. It refers to its ability to have a focused response management to deal with the situation once the consequences are known. However many construction companies appear to lack a proper integrated approach towards business continuity planning. This is evident from the 1997 financial crisis where it took the world by surprise, in particular Southeast Asia, with the Singapore dollar depreciating against the American dollar due to downward currency pressure from its neighboring countries like Thailand, etc. (Ngiam, 2000). The economy consequently slowed down with construction companies facing reduction in business opportunities and financial liquidity (APEC Forum, 1998). Cessations of construction companies went from a low of 98 in 1997 to a high of 160 in 1998 (Singstat, 1999), as many companies were either tendering below cost or undertaking too many projects without adequate financial capability (Balakrishnan, 2003) in addition to the bankruptcy of several developer-clients who were unable to finance their projects (Foo, 2004). As with all other businesses, an effective BCP is critical for companies in the construction industry. Being in an industry that is constantly subjected to internal and external pressure, construction companies are likely to incur costly errors if they are caught unprepared when a crisis strikes. A good example was the sudden and unannounced ban on the export of sand on 9 February 2007 into Singapore by the Indonesian government. The sudden ban resulted in a shortage of sand supply in Singapore, leading to an exorbitant increase in the price of ready-mix concrete. Companies in the midst of their projects faced the prospect of further increase to their initial project cost estimates; as such, companies without adequate financial resources were left in a dire state and project progress slowed down or even stopped altogether (The New Paper, 2007). This situation reflects the competitiveness of the industry as companies tend to tender at cost price or at a marginal profit or even at a loss (Foo, 2004). This illustrates that in order for construction companies to survive in such a volatile environment, companies fundamentally require a sound BCP. In view of today’s unpredictable environment, there is a tendency for catastrophes to occur unexpectedly and bring about undesired consequences. The aim of this study is to determine whether large construction companies practise business continuity management (BCM), the type of crises which companies deem impactful to their organizations and their reactions to certain crises. Business continuity management (BCM) A business is termed as “an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing either a return to investors or dividends, lower costs, or other economic benefits directly and proportionally to

owners, members or participants” (Council on Corporate Disclosure and Governance, 2005, p. 3). On the occurrence of a crisis, many parties could be affected (Elliot et al., 2002). They can be the company management, interest groups like investors, suppliers, etc. who have direct or indirect investments in the company. Figure 1 highlights the diversity of perceptions that must be considered when formulating the business continuity plans. An example is the shareholders who invest in the company. The occurrence of a crisis, if not appropriately mitigated, would lead to the adverse effect of fund withdrawal, which reflects an externality factor. Even though the investors are not directly involved in the company’s operations, they have an indirect influence towards the growth of the company. The requirements of the various stakeholders as shown in Figure 1 include the following: . Employees: the life and means of livelihood protection. . Customers and suppliers: the defined time lines for the resumption of support and services; and transparency of operations even in a crisis. . Managers: the control of the situation; cost effective solutions to handle impact of crisis and effects on business resumption; and transparency of operations. . Investors: implicitly in good corporate governance; protect image of organization and share profit (Singapore Business Federation, 2003).


As in all companies’ operations, the respective elements as shown in Figure 2, are present in the operational flow and would include the following: . Business processes: how the products or services are delivered to the client. . Participants: who are the participants in the execution of the business process. . Infrastructure and resources: what is used in the execution of the business process (Vancoppenolle, 1999; Elliot et al., 2002). These elements are essential for the effective functioning of the company. Besides the dependence on internal factors, companies are also exposed to external factors beyond their immediate control such as electricity, water, telecommunications, etc. Although such externalities are difficult to control, it is important to mitigate the impact of such externalities on the company’s operations. This is known as “extended

Figure 1. The company and its stakeholders

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Figure 2. Elements of a company

enterprise”. Thus a company’s successful operation is not only solely dependent on internal but also external risks (Humpidge, 1999). Business continuity management (BCM), according to the Business Continuity Institute (BCI) (2002), is the act of anticipating incidents that will affect mission- critical functions and processes for the organization and ensuring that it responds to any incident in a planned and rehearsed manner. It is an important management process by which success is dependent on the collective efforts of every individual within the company with the emphasis placed on the top management personnel. The components of BCM, as illustrated in Figure 3, include the following: . Understanding the organization – using business impact and risk assessment to identity the critical deliverables, evaluate recovery priorities and assess the risks that may lead to a disruption in service delivery. . Determining BCM strategy – identifying alternative strategies available to mitigate loss, and determine their potential effectiveness to deliver its critical function. . Developing and implementing BCM response – developing a response to business continuity challenges and plans underpinning it. . Maintaining and auditing BCM – ensuring that BCM plans are fit for use, kept up to date and quality assured. . Establishing a BCM culture in the organization – The need to ensure that a continuity culture is embedded in the company by raising awareness throughout the key stakeholders, and offering training to key staffs on BCM issues (BCI, 2002, 2007). BCM is needed to achieve the following purposes: . To enable a focused approach in developing a business continuity plan using a well structured and comprehensive methodology. . To develop a pragmatic, cost effective and operable recovery plan to enable the company to achieve critical business processes during a major disruption to the company’s operations.


Figure 3. Components of BCM .

To minimize the impact of the crisis on the company’s operations (O’Hehir, 1999; Health, 1999).

Classification of crisis A crisis is an abnormal situation, or perception, which threatens the operations, staffs, customers or the reputation of the enterprise (Barton, 1993). Crises can presently be classified into different categories, namely: . Acts of nature: floods, earthquakes, etc. . External man-made events: terrorism, evacuation, etc. . Internal unintentional events: accidental loss of files, computer failure, etc. . Internal intentional events: sabotage, data deletion, etc. (Vancoppenolle, 1999; Gallagher, 2002). However, the selection of the crises emphasized in the BCP is crucial. It should be based on the impact factor instead of the probability element where the occurrence of a particular crisis is remote and not addressed. To effectively address the highlighted internal and external crises, appropriate management control is necessary. It is a controlled environment where personnel conduct their activities and individual responsibilities in an environment where monitoring is carried out and modified according to the conditions. Some factors for consideration are:

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The attitudes and attributes of the Board or CEO (the “tone at the top”) that establishes the overall risk control environment. The analysis of the external and internal risks that might potentially affect the achievement of the defined objectives. The controls established throughout the company to mitigate the risk. The monitoring process, in respect of the controls and control system to ensure the effectiveness and dynamism of the system (O’Hehir, 1999).

Owing to the risks arising from a crisis, measures have to be taken to prevent the risk level from escalating to avoid affecting the company’s progress and the pursuit of new business opportunities. There should not be any uncovered areas within the framework that will increase the risk level. Hence, the following issues have to be considered before formulating the framework: . Policy – formulate a policy statement at the managerial level to signify the company’s attitude towards a particular risk and prescribe the objectives of such a policy. . Methodology – analyze the assessment processes involved in evaluating a crisis, and to promote greater commitment for the company to proceed with the plans. . Accountability – establish individual accountability for managing the risk and ensure that the nominated person have the appropriate technical expertise and authority to manage the risk. . Management support – determine the company’s current managerial attitude or process towards assessing and managing the risk, without which the company will not have the initiative to implement BCM in the company. . Dependencies – define the scope of the BCP clearly so that every individual is aware of the dependencies involved, whether it is external or internal (key supplier, personnel, operating system, etc) to successfully mitigate the specified crisis. . Be realistic – educate the management that a crisis brings about certain risks and to mitigate them require certain costs. The management should be ready to accept certain risks and should be prepared to spend the necessary costs to mitigate the risks involved. . Future actions – determine the appropriate business processes to be implemented or to be refined to reduce the risk to an acceptable level and the assignment of responsibilities and milestones. . Performance measures – establish measurement indicators to enable assessment and monitoring the effectiveness of risk management which can be proactive or reactive. Proactive action is recommended to prevent occurrence. . Independent expert – appoint an internal or external qualified independent expert to determine the adequacy of the response to the crisis such as regular meetings and reporting with the higher management to signify the importance of BCM. . Contingency plan – establish an alternate plan for unforeseen circumstances not being provided for (O’Hehir, 1999; Eternity Business Continuity Consultants, 2007; Civil Contingencies Secretariat, 2007).

TR19: Business Continuity Management (2005) The national standard, Technical Reference (TR) 19 for Business Continuity Management was developed by the Singapore government and published by SPRING Singapore in 2005. TR 19 aims to provide a framework for an organization to build up its resilience and capability to develop an effective response to safeguard the interests of the company’s key stakeholders, reputation, brand and businesses (SPRING Singapore, 2005). TR19: 2005 was developed in relation to the business continuity planning methodology advocated in the UK by the Business Continuity Institute (Business Continuity Institute, 2002), the US Disaster Recovery Institute International (Cornish, 1999) and the British Standards on Business Continuity Management (BCM) (BS 25999-1: 2006). To integrate the six BCM areas (namely Risk analysis and review; Business impact analysis; Strategy; Business Continuity Plan; Test and exercises; and Program management) and the four components (namely Policies; Processes; People; and Infrastructure) effectively, TR 19: 2005 recommends a matrix framework which allows for potential shortfalls within the company’s BCM effort to be identified and located. As shown in Figure 4, the matrix is used to explain the implications of selecting a particular recovery strategy to that of the corresponding policies determined by senior management. Simultaneously, the implementation of the recovery strategy will be supported by corresponding infrastructure, training of recovery personnel and establishing the associated recovery processes.


Research methodology To reiterate, the aim of this study is to determine whether large construction companies practise BCM, the type of crises which companies deem impactful to their organizations and their reactions to certain crises. A survey was conducted in June 2007 among two groups of contractors to examine their perspectives towards BCM. In Singapore, public sector contractors are registered with the Building and Construction Authority in different grades. Grades A1 and A2 contractors are considered as large contractors, while Grades B1 and B2 contractors are considered as medium-sized contractors, followed by Grades C1 to C3 contractors

Figure 4. TR19: 2005 BCM matrix framework

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which are considered as small-sized contractors. For the survey, the targeted contractors were the Grade A1 (with unlimited tender limit) and Grade A2 (with up to S$65 million tender limit) construction companies. There are a total of 48 companies within these two grades. The survey questionnaire was divided into five sections. Each section is designed specially to incorporate the fundamentals of BCM into the survey. The first section consists of issues pertaining to the relevance of BCM to the respondent’s company. The second section is an assessment of possible crises in accordance to their severity. The third and the fourth sections refer to the respondent’s opinions and possible counter-measures against terrorism and the avian flu pandemic respectively. Lastly, the fifth section refers to the possible improvement areas that the respondents believe other companies can adopt. Survey findings The survey findings are presented below. 1. Respondent’s profile Of the targeted contractors, a total of 22 companies replied, generating a 46 per cent response rate. Out of the 22 respondents, 13 were Grade A1 companies while 9 were Grade A2 companies. Other then the criterion of selecting Grades A1 and A2 construction companies, the survey was targeted at the managerial personnel of the companies such as the managing director, project coordinator, etc. Thus, the responses obtained from the respective companies are a true representation of the company’s opinions towards the concept of BCM and mitigation of crises. 2. Presence of BCM The analysis in Section A shows that an overwhelming 82 per cent of the respondents did not have any form of BCM implemented within their organization. These results differ from that of a similar survey conducted by the Leicestershire County Council (UK) (2007) in March 2007. This comparison is made because of the close similarities in the structure of the survey questionnaires used in both cases. The results in Singapore suggest that greater effort has to be put in by the relevant authorities to promote BCM to large construction companies because the main reason for not implementing BCM is because of the lack of awareness to such a concept (95 per cent). Besides the need for greater awareness, assistance in terms of financial grant (95 per cent) and training grant (83 per cent) were also welcomed as further incentives to adopt BCM. These underscore the need for the authorities to make the initial move like providing for certain incentives before BCM is embraced by companies. In the course of the study, the Project Director of an A1 company opined that construction companies in Singapore have the tendency to depend on the government for appropriate action to be taken. 3. Possible crises From the analysis of Section B, “Financial crisis” and “Increase in the prices of raw materials” were reported as the two main crises that companies dread to encounter. It was observed that an increase in the prices of raw materials was ranked first followed

by financial crisis in second position. The least critical crisis appears to be a “Terrorist attack”. The ranking of the increase in the prices of raw materials as the main crisis coincided with the recent boom in the Singapore construction industry with the influx of mega projects like the integrated resorts (IR), etc. This resulted in an increase in the demand for building materials (Building and Construction Authority, 2007). This point was emphasized by the Assistant Managing Director of a Grade A1 company who was then involved with several mega projects in both the private and public sector. The use of firm price contracts (KPMG, 2007) has led to a great disparity between the initial and final contract values as prices constantly increase throughout the tender pricing stage to the actual commencement of work stage. This has greatly affected the projects’ profit margins as initial estimates may differ due to the fluctuations of material costs. Besides its impact on construction companies, developers are also not spared. An example is the Resort World at Sentosa where construction costs for the IR in the resort island of Sentosa rose from S$5.2 billion to S$6 billion (The Business Times, 2007). A majority (96 per cent) of the respondents considered the Indonesian sand ban to be a significant crisis as this directly translates to an increase in the price of concrete. Other than the increase in the prices of raw materials, the financial crisis was also considered as a crisis of severity. The General Manager of a Grade A1 company noted that the financial crisis affected the entire economy causing companies to face financial difficulties and increase in unemployment. The crisis was not only limited to the building industry but to other industries like manufacturing. Although the financial crisis may has dire effects, it was not the main concern for large construction companies (77 per cent) at the time of this study because with the market then booming, economic benefits were more important compared to the earlier Asian financial crisis which occurred in 1997. Similarly, the Project Director of a Grade A1 company observed that this outlook could also be due to the mindset of senior management (which can be affected by age, experience, etc) looking to the present and beyond. After discussing the crises of severity, the discussion will now focus on the crisis with perceptibly the least impact: terrorist attack. The respondents felt that terrorism is not as critical as the other stated crises because of the proactive approach taken by the Singapore government such as the elimination of the Jemaah Islamiyah (JI) group before any dire consequences can occur in Singapore (Ministry of Home Affairs, 2002). Hence, companies felt that the government will never allow such a crisis to occur and the fact that Singapore, “a safe haven,” has never encountered such a crisis before (Economic Development Board, 2007), significantly affected their views on its severity. 4. Terrorism The analysis in Section C suggests there is a mixed reaction regarding the impact of terrorism to the building environment: a positive 59 per cent compared to a negative 41 per cent. This could be due to the reasons stated in Section B above which was further supported by a strong 91 per cent response indicating that companies do not have any counter-measures in place against terrorism. This suggests that although companies are aware of the dire effects of terrorism, it appears to be more hypothetical than real. However, a majority of the respondents agreed that the loss of key infrastructures like


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water supply and roads are very critical as these are essential elements for a successful construction project. Other than the loss of key infrastructure, the loss of prominent buildings such as shipping ports and airports are ranked a close second, because they are important facilities used for transportation and the import and export of building materials like sand and tiles. The impact of the loss of investors’ confidence is least critical due to the proactive approach undertaken by the government and Singapore’s globally renowned conducive business environment. However, although a majority of the companies (91 per cent) do not have any counter-measures in place, most of the companies would back-up their essential data (96 per cent). This could be because companies tend to refer to their past cost estimates for similar projects to save time and to give quotations or to learn from past projects. This contrasts with the spreading of responsibilities (32 per cent), which could be due to the mindset of the top management who would like to keep the information within a particular group of personnel to prevent leakage of essential and confidential information to outsiders. Besides the negative aspects associated with terrorism, 63 per cent of the respondents also agreed that there are other positive aspects. These can include the introduction of improved technology such as better and cheaper building materials (eco concrete) (75 per cent) and increase demand for construction (73 per cent) because there is a possibility that buildings or infrastructures have to be replaced after a terrorist attack or the introduction of more infrastructures or services to counter terrorism. 5. Flu pandemic The analysis in Section D suggests that the respondents are equally divided on the dire effects of a possible flu pandemic with half of the respondents (50 per cent) considering it as impactful. Such a notion could be because the flu pandemic which consists of the H5N1 avian influenza or more commonly known as the bird flu are events which Singapore has had first hand experience with, in particular, the SARS incident in 2003. Hence, although companies are aware of the negative impacts associated with such a crisis, they may adopt the attitude that since such incidents have previously occurred and that Singapore is a small island, the government would not encounter much difficulty in establishing the necessary precautions to prevent the crisis from escalating. Similarly, this perception could be caused by the proactive approach undertaken by the government (via SPRING Singapore, and the Economic Development Board) through initiatives such as the Flu Pandemic Guide for small and medium-sized enterprises (SMEs) in 2006 (Singapore Business Federation, 2006). Subsequently, the impacts: “Disruption of supplies” and “Reduction in the workforce” were the two main crises that companies fear as these involve critical elements without which nothing can be achieved. In contrast to these two impacts, the “lack of human interaction” is considered to have a minor impact on the industry. This could be because of the advancement in technology where communication can be carried out through telephones or site inspection through video conferencing, without the need for face-to-face contact. However, this can be successful only if the mindsets of the site supervisory staffs are directed in such proceedings because they tend to be older and have not received much education or training to carry out such tasks like video conferencing.

Of the respondents, 80 per cent of them did not have any counter-measures against the flu pandemic. However if asked to do so, a majority would consider “minimal face to face contact” (91 per cent) and “alternative supply means” (77 per cent) as two likely measures to undertake because such activities, if neglected, could cause the spreading of the disease to other personnel or develop an over reliance on one particular supply source that could consequently hinder the company’s operations. Similar to terrorism, the spreading of responsibilities within the organization is one which only a few companies are willing to consider (18 per cent). Conclusion After analyzing the survey results, it seems that BCM is far from being fully embraced by construction companies. Greater awareness has to be developed by highlighting the associated benefits to increase its adoption rate. Subsequently, to address the low implementation rate, the government can look into the monetary issues as these appear to play an important role towards the decisions to implement BCM. Similarly, the results indicate a reliance on the Singapore government for appropriate measures to mitigate crises when these occur. The government should, however, inculcate in the management of these companies, a culture of self-dependence, as this will contribute to their operations in the long run. Although the importance and usefulness of BCM is clear, the receptiveness of BCM among the large construction companies is far from ideal. It can be seen from the survey conducted among the large construction companies in Singapore that a large majority of the respondents (82 per cent) did not have any form of BCM within their organization. This is mainly due to the fact that they are unaware of what constitutes a business continuity plan (95 per cent). This contrasts sharply with the proactive approach taken by the Singapore government through the formulation of TR 19: 2005 as a recommended common platform for implementation. As the Project Director of a Grade A1 company opined: “Construction companies tend to adopt a wait and resolve approach where only when a crisis occur will the company act to mitigate the impact or only when it becomes a statutory requirement would companies then consider to incorporate into their organization”. This is very risky in today’s unpredictable environment where there is a high possibility of a crisis such as the sudden shortage of a raw material (sand) occurring. It would result in a disastrous outcome if construction companies are caught unprepared. Although the majority of the companies surveyed did not implement any BCM, a small minority of the respondents (18 per cent) practised BCM within their organizations. The purpose, however, is to assist these companies in their financial planning so that there is sufficient liquidity to counter unforeseen circumstances and to ensure the survival of the company in the long run. It is perceived that as with all other businesses, monetary incentives (95 per cent) are an important aspect in the adoption of BCM by top management of companies. Hence, to be successful in promoting BCM in the building industry, the relevant authorities like the Building and Construction Authority should demonstrate to construction companies how beneficial BCM is towards the company’s operations so that they can be better equipped to meet future challenges. There is one limitation associated with this study. The survey was conducted only among the Grades A1 and A2 construction companies; as such, the results obtained


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cannot be used to represent the entire industry. However, focusing on these larger companies is strategically correct because BCM-related initiatives, if any, tend to be undertaken by the larger companies as they have the necessary resources like manpower and finance to do so. Similarly, the crises listed in the survey may not be all-encompassing and there could be other crises which companies shun. The survey was also restricted to the management level personnel, where factors such as age and experience can play an important role. This is because a person who has never personally experienced a crisis, like the 1997 Asian financial crisis, would not place too much emphasis on it although he may well appreciate the associated impact compared to, say, the sudden Indonesian sand ban which occurred in early 2007. Further research can be conducted on how large construction companies view the components of TR 19: 2005 in accordance with their relevance towards their operations and what further improvements can be made to enhance the technical reference. Subsequently, the research can be extended to other professions like the design consultants comprising of architectural firms, quality surveying firms, engineering firms, etc. References Asia Pacific Economic Cooperation (APEC) Forum (1998), “Economic outlook: economic trends and prospects in the APEC region”, 1998 APEC Economic Outlook, APEC Secretariat, Singapore, pp. 217-24. Balakrishnan, V. (2003), Ministry of National Development Speech for Singapore Institute of Surveyors & Valuers (SISV) Annual Dinner, Ministry of National Development, Singapore, available at: www.mnd.gov.sg/newsroom/speeches/speeches_snd2003_190703.htm (accessed 12 September 2007). Barton, L. (1993), Crisis in Organizations: Managing and Communicating in the Heat of Chaos, South-Western Publishing Co, Cincinnati, OH. Building and Construction Authority (2007), Construction Infonet, Building and Construction Authority, Singapore, available at: www.bca.gov.sg/Infonet/construction_infonet.html (accessed 16 September 2007). Business Continuity Institute (2002), Development Tools for Best Practices in BCM: BS25999 and Other Standards, Business Continuity Institute, UK, available at: www.thebci.org/s tandards.htm (accessed 16 September 2007). Business Continuity Institute (2007), Corporate Excellence in Business Continuity Management: Current Thinking, Business Continuity Institute, UK, available at: www.thebci.org/ (accessed 16 September 2007). (The) Business Times (2007), “Cost of building Sentosa IR may climb to $6 billion”, The Business Times, 7 November, p. 1. Civil Contingencies Secretariat (2007), Chapter 6: Business Continuity Management, Cabinet Office, London, available at: www.ukresilience.info/upload/assets/www.ukresilience.info/ ep_chap_06.pdf (accessed 14 November 2007). Cornish, M. (1999), “The business continuity planning methodology”, in Hiles, A. and Barnes, P. (Eds), The Definitive Handbook of Business Continuity Management, John Wiley & Sons Ltd, Chichester, pp. 93-105. Council on Corporate Disclosure and Governance (2005), Response to Exposure Draft of Proposed Amendments to IFRS 3 Business Combinations, Council on Corporate Disclosure and

Governance, Singapore, available at: www.ccdg.gov.sg/attachments/CCDG_Comments% 20on%20IFRS3.pdf (accessed 17 September 2007). Economic Development Board (2007), Why Singapore, Economic Development Board, Singapore, available at: www.edb.gov.sg/edb/sg/en_uk/index/why_singapore/conducive_environm ent.html (accessed 12 December 2007). Elliot, D., Swartz, E. and Herbane, B. (2002), Business Continuity Management: A Crisis Management Approach, Routledge, London. Eternity Business Continuity Consultants (2007), Business Continuity Checklist, Eternity Business Continuity Consultants, Canada, available at: www.eternity.ca/articles/Eterni ty%20Business%20Continuity%20Checklist.pdf (accessed 16 September 2007). Foo, C. (2004), Speech for REDAS 45th Anniversary Dinner, Ministry of National Development, Singapore, available at: www.mnd.gov.sg/newsroom/speeches/speeches_snd2004_231104. html (accessed 12 September 2007). Gallagher, M. (2002), Business Continuity Management: How to Protect your Company from Danger, Financial Times and Prentice Hall, London. Health, R. (1999), “A crisis management perspective of business continuity”, in Hiles, A. and Barnes, P. (Eds), The Definitive Handbook of Business Continuity Management, John Wiley & Sons Ltd, Chichester, pp. 43-54. Humpidge, P. (1999), “Why have a disaster if you don’t have to?”, in Hiles, A. and Barnes, P. (Eds), The Definitive Handbook of Business Continuity Management, John Wiley & Sons Ltd, Chichester, pp. 75-89. KPMG (2007), Construction Procurement for the 21st Century: Global Construction Survey 2007, KPMG LLP (UK) Design Services, London, available at: www.kpmg.co.th/Thought% 20Leadership/Infra.Gov.Health/Construction%20procurement%20for%20the%2021st% 20century.pdf (accessed 16 December 2007). Leicestershire County Council (2007), Business Continuity Management (BCM), 16 September 2007), Leicestershire County Council, UK, available at: www.leics.gov.uk/index/em ergency_management/business_continuity.htm (accessed. Ministry of Home Affairs (2002), Terrorist Arrest in Singapore, Ministry of Home Affair, Singapore, available at: www.channelnewsasia.com/cna/arrests/release1_020124.htm (accessed 14 December 2007). (The) New Paper (2007), “Construction sector grows 9.7%”, Singapore Press Holdings, Singapore, available at: http://newpaper.asia1.com.sg/printfriendly/0,4139,131014,00.html (accessed 13 September 2007). Ngiam, K.J. (2000), Coping with the Asian Financial Crisis: The Singapore Experience, Visiting Researchers Series, Paper No. 8, Institute of Southeast Asian Studies, Singapore. O’Hehir, M. (1999), “What is a business continuity planning (BCP) strategy”, in Hiles, A. and Barnes, P. (Eds), The Definitive Handbook of Business Continuity Management, John Wiley & Sons Ltd, Chichester, pp. 25-54. Singapore Business Federation (2003), Business Continuity Management, Singapore Business Federation, Singapore, available at: www.hbiz.com.sg/html/BizContinuityManagement_ 200304.htm (accessed 12 September 2007). Singapore Business Federation (2006), A Flu Pandemic Business Continuity Guide for SMEs, Spring Singapore, Singapore.


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Singstat (1999), Formation and Cessation of Companies and Businesses 1998, Statistics Singapore, Singapore, available at: www.singstat.gov.sg/pubn/papers/economy/ssn2q99pg16-17.pdf (accessed 11 September 2007). SPRING Singapore (2005), TR19: 2005. Technical Reference for Business Continuity Management (BCM), SPRING Singapore, Singapore. Vancoppenolle, G. (1999), “What are we planning for?”, in Hiles, A. and Barnes, P. (Eds), The Definitive Handbook of Business Continuity Management, John Wiley & Sons Ltd, Chichester, pp. 3-23. About the authors Sui Pheng Low is a Professor in the Department of Building, National University of Singapore. He received his PhD from University College London and is a Fellow of the Chartered Institute of Building. Sui Pheng Low is the corresponding author and can be contacted at: [email protected] Junying Liu is Associate Professor in the Department of Construction Management, Tianjin University, China. She received her PhD from the University of Reading and is a Member of the Chartered Institute of Building. Stephen Sio received his BSc(Building)(Hons) degree from the National University of Singapore. He currently runs his own construction business in Singapore.

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