Risk Management Maturity, Contract Provisions and Project Success: An Integrated Assessment for the Turkish Construction Sector

Abstract

In recent years, various crises such as the global pandemic, economic contractions, exchange rate volatility, geopolitical uncertainties, and major earthquakes in Türkiye have significantly reduced predictability in the construction sector. While this crisis environment has increased sector-specific risk factors, sustaining project success has become more complex for firms than ever before. At the same time, global trends such as digitalization, green transformation, and sustainability—driven by the international fight against the climate crisis—have made structural transformation of the sector inevitable. Within this multidimensional transformation process, firms must compete not only with technical competencies but also with their corporate risk management capabilities. In this context, the concept of “risk management maturity” has become a critical factor shaping firms' resilience against crises, stability in project processes, and long-term success strategies. This study addresses this exact need by aiming to analyze the effect of risk management maturity levels of construction firms on project success and the role of contract terms in this relationship. Based on a literature review, data were collected from 32 firms through a survey developed according to a construction sector-specific risk management maturity model. Risk management maturity was evaluated across organizational culture, processes, resources, and practices dimensions; project success was assessed in four dimensions: efficiency, organizational contribution, client impact, and future preparedness.

Keywords

• Risk management
• Risk management maturity
• Project success
• Contract management

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