Exploring the Value of Risk Management for Projects: Improving Capability Through the Deployment of a Maturity Model

This paper presents a maturity model structure to support effective project risk management. The structure is based on five maturity levels and nine categories. The premise of the paper is that the goals of risk management, the practices required to implement the discipline, and the common obstacles to implementation must be reflected within a model, otherwise fully developed mature practices will not be realized. Through a literature search, the paper examines the common goals and practices of project risk management together with the challenges experienced in its implementation. A maturity model structure to support embedding effective project risk management is proposed. The model is applied to four live projects and a direct correlation is drawn between the introduction of the model and improvements in the effectiveness of risk management.