A review of integrated risk management infrastructure megaprojects in Malaysia

Malaysia has advance on numerous major infrastructure projects which aims at enhancing infrastructure connectivity and boosting investment among countries. Meanwhile, megaprojects are a completely different class of project requires different interpretation and management of risks, extremely complex and costly infrastructure project, had massive implications for the country's fiscal standing and are not industry or sector specific but extend across an institutional field. The risks appear in megaprojects due to its complexity will be exacerbate especially to the Malaysian economy presuming that no proper action is taken. This paper provides an overview of the basic concepts of the practices of megaproject risk management process by evaluating the management of risks in various infrastructure project organizations in Malaysia. This paper hoped to contribute to the industry through the conceptual of megaproject risk management procedure to be used as basis for the government and the private parties and as best practice to reassess the management of megaprojects risks, particularly in infrastructure development.