Risk Maturity Models: How to Assess Risk Management Effectiveness

Risk management maturity measures how effectively an organization can identify and tackle the risks it faces. Without measuring or tracking this maturity, board members/leaders do not have the confidence that the risk management processes they are overseeing can deliver adequate protection from risk. Author Domenic Antonucci argues that the best way to keep track of risk management maturity is through Risk Maturity Models (RMMs). RMMs outline key capabilities that govern how effectively organizations manage risk and allow risk functions to benchmark current performance and identify areas for improvement. This book explains the benefits of RMMs, the principles behind their construction and use, and offers a chart of sixty of the leading RMMs available (both free and paid for) along with recommendations for which circumstances these models are best suited for. After introducing the theory and practice of RMMs, the second part of the book offers tailored advice in the form of practitioner scenarios on how risk professionals, internal auditors, and board members can use these models in different contexts.

Domenic Antonucci is Head of Risk, Governance and Insurance at Red Sea Housing Services Company in Dubai, UAE. He specializes in implementing enterprise-wide risk management within organizations and creating risk practitioner tools and techniques.