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Figure 1: Risk Management Maturity Model
Intuitive (Informal) Risk Management:
-Countless day to day minor and moderate risks effectively managed;
-Helpful as a factor in decision-making for immediate demands on major issues.
-Formal methods emerging for significant risks (integration with planning);
-Risk Management Function Initial Investments.
-Risk Universe Established (map of priority exposure areas);
-Intelligent (information-based) Risk-Taking.
-Risks indicators monitored;
-Well defined, common understanding of risk tolerance.