Risk management in project organizations : Development of a maturity model for project risk management at the enterprise level

Abstract

The Project Risk Maturity Model developed by Martin Hopkinson allows individual projects to assess their risk management capabilities and derive improvements based on the obtained maturity levels. However, it is not suitable to assess risk management capabilities of project organizations at the enterprise level. Based on the guidelines of design science research and a thereupon-founded procedure model for the development of maturity models, a new maturity model specifically for the enterprise level is developed by modifying the Hopkinson model to better reflect the principles of the COSO Enterprise Risk Management integrated framework. The model is developed in cooperation with and tested on the processes of the corporate project risk management department of M+W Group, a global high-tech plant engineering and construction company.