Small and Medium Enterprises (SMEs) constitute significant portions of the economy in both developed and developing countries and SMEs are the biggest contributors to employment across countries and this contribution is greater in low-income countries than the higher income ones., Most of the frameworks for managing risks focus on large scale businesses where well establish systems and processes are in place plus risk management expert on duty. The study adopted a quantitative approach to assess relevant ERM framework constructs and SMEs variables to develop conceptual ERM framework for SMEs. The research was conducted by examining literature followed by field survey. The aim of the study is to develop a Conceptual Enterprise Risk Management (ERM) framework for construction SMEs with the view to enhance their risk management effort. ERM framework constructs and SMEs organizational structure variables were identified through literature review. The data was collected using structured questionnaire. Similarly, the study employs Mean(M), Standard Deviation(SD), Factor Analysis (FA) and Structural Equation Modelling(SEM) methods of analysis was used to analyzed the collected data. A comprehensive list of 11,904 Construction Small and Medium Enterprises (SMEs) were obtained from Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) with a sample size of 371. The study identified sixteen (16) ERM framework variables and thirteen (13) SMEs organizational structure variables. The research provides an understanding of ERM framework constructs as ERM Process, ERM Control, ERM Context and construction SMEs organizational structure variables as Lower Management, Middle Management, Top Management The conceptual framework developed expressed the relationship between ERM framework constructs and SMEs Organizational Structure Constructs.
Enterprise Risk Management, Enterprise Risk Management Framework, Small and Medium Enterprises, Organizational Structure.
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