We here at Granite have talked at lengths about risk management maturity in our MONTHLY LIVE WEBINARS, and one thing we know for sure: effective risk management improves organisations' ability to respond to the changes and recover from sudden, and not so sudden, changes in the marketplace. That's what the risk management maturity model we've developed is all about: It's a self-assessment tool to help you understand where you are now and what you can do about it.
In short, the five levels are:
1. At the first level organisations have recognised risk management's role in good governance. At this level, however, risk management hasn't really been assigned to anyone.
2. At the second step of the risk management maturity model organisation has started to put words into action. In most cases, the biggest driver for this development is either legislation or partner demands and as such risk management tools are often manually filled spreadsheets.
3. At the third level of the risk management maturity model, risk management has been assigned to named individuals within the organisation and the consequence it can be truly planned and tracked. Unfortunately, though, at this level, risk management is often only carried out periodically.
4. Organisations at the fourth step have implemented risk management as a part of their daily operations. At this level, risk management is supported by a clear evaluation and follow-up process with automated action tracking.
5. Organisations at the fifth level of the risk management maturity model make use of risk management in their daily operations. At this level, purpose-built tools like Granite Risk Management are necessary, as the risk management solutions work as a support system for the core processes and strategy.