Measuring organizational maturity in risk management

Abstract

The prime purpose of this paper is to provide a closer insight to the understanding, application and utility of Risk Maturity Models and the benefits of their implementation in an Organizational Level. In other words, how mature an organization is regarding to its needs and goals, as well as, regarding the risk management processes that an organization is already using. The first step to define the maturity of an organization is to understand what risk is and how risk management can provide the proper guidelines in order to mitigate or eliminate those risks. This analysis could help in understanding of the idea and the attributes taken into account in the assessment of risk management maturity.

Apart from, this paper aims to define the existing knowledge and literature review and present some of the most important risk maturity models. Risk Maturity models are discussed by presenting their structure and characteristics. There is an analysis of what maturity is, which are the levels and the attributes of every maturity model, and what are the information that maturity analysis can provide to an Organization or an Industry.

The next section is the research part. The objective is to implement a risk maturity model to Greek Insurance industry. The collection of the data was made through specially formed questionnaires, respectively to literature review. After data collecting, there is the analysis and the visual presentation of this data, according to risk maturity model and risk management practices.