Daewoo E&C accelerates move to improve risk management

Daewoo E&C executives celebrate the builder’s winning of ISO 22301, an internationally accredited hallmark of risk and business continuity management, at the company’s head office in central Seoul on Oct. 15. / Courtesy of Daewoo E&C

By Park Si-soo

Daewoo Engineering and Construction (E&C) has become Korea’s first builder to achieve ISO 22301, an internationally accredited hallmark of risk management and business continuity management.

The certification guarantees that the company can successfully progress with construction projects in countries that are unstable due to natural disasters, terror or military conflict.

Daewoo E&C was given the hallmark from the International Organization for Standardization (ISO) after a thorough checkup by the British Standard Institution (BSI).

In fact, the company has shown impressive performances in Nigeria, Libya and Algeria for many years, despite unstable political situations that sometimes have triggered bloodshed.

“We have tried to establish an overseas management system, under which construction projects we handle can unfold smoothly under any adverse situations,” said a Daewoo E&C spokesman. “ISO 22301 was the latest recognition of our hard work.”

Last year, the company established a “security team” committed to collecting information about risky countries and coming up with customized risk-aversion practices for each market. The team is also committed to mapping out solutions for possible risky situations in the future.

“Korean builders will make greater efforts for overseas expansion. And they will pay more attention to risk management and related standardized international solutions,” said security team leader Chang Young-jin. “Given this, ISO 22301 has placed Daewoo E&C one step ahead of other Korean builders.”

In July, Daewoo E&C unveiled an ambitious goal to become the world’s leading energy and infrastructure developer, under which the company will participate in joint ventures in strategically important countries to collect risk information and find proactive solutions.

“Winning ISO 22301 is international recognition of our risk management ability,” Chang said. “At the same time, we will be able to have more business opportunities overseas.”