Xxxxxxx Risk Maturity Model Sample Clauses

Xxxxxxx Risk Maturity Model. ‌ Description: This maturity model is an earlier example of a risk management maturity model which was created to address the gap found on the implementation of risk management in organizations. [19] At the time this maturity model was developed, despite there being unanimity on the relevance of risk management, successful implementations of risk processes in organizations were sparse. This maturity model consists of four maturity levels which are then linked to four attributes detailing specific criteria for culture, process, experience and application. Aim: Provide a framework to which organizations that are implementing formal risk management or wish to improve their current approach can benchmark their current state of risk management practice. Scope: Risk Management. How to Assess: Self-assessment questionnaire. Term used to name of the Attributes: Attributes. Attributes (4): Culture; Process; Experience; Application. Table 34. Summary of the Risk Maturity Model levels Level Name Description 1 Naïve The organization does not recognize the need for risk management. There is no approach to deal with uncertainty. Management processes are reactive and repetitive. There is no effort or just little effort to learn from the past and prepare to the future.