Case Study: Australian Risk Management Capability Maturity Model

Another risk maturity model worth considering is the Australian Government Commonwealth Risk Management Capability Maturity Model.¹

This model outlines the following levels:

1. Fundamental

2. Developed

3. Systematic

4. Integrated

5. Advanced

6. Optimal

It also provides criteria for measuring them against the following nine elements:

1. Establishing a risk management policy

2. Establishing a risk management framework

3. Defining responsibility for managing risk

4. Embedding systematic risk management into business processes

5. Developing a positive risk culture

6. Communicating and consulting about risk

7. Understanding and managing shared risk

8. Maintaining risk management capability

9. Reviewing and continuously improving the management of risk

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¹ Details can be found at:https://www.finance.gov.au/sites/default/files/commonwealth-risk-management-maturity-model.pdf