Member case study

Validating a new risk culture framework before implementation
2023

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We’re beginning to put together a new risk culture programme to implement across the organisation. But we’re worried that our approach might not be in line with other listed organisations. Is our risk culture maturity on the same level as our peers? Has our framework covered all grounds? We don’t have any budget to pay a consultant for a maturity model.
Risk Leadership Network member

CRO, ASX-listed technology company

What we did

1. Produced a Risk Culture Maturity Framework

Risk Leadership Network created a peer-validated maturity framework which:

  • Breaks risk culture into 15 key elements and highlights the sub-themes under each element
  • Gives a maturity score to activities taking place at each of the sub-themes for each of the 15 elements.

This allowed the member to benchmark their current risk culture maturity, whilst also validating their plans for improvement against tried-and-tested approaches from other risk leaders.

What we did

2. Facilitated a series of 1-to-1 discussions

We set up a series of in-depth discussions with more mature organisations. The member could learn how CROs at these organisations had implemented their risk culture framework within the business. 

The member was able to hone in on certain aspects of their framework, learning from a risk leader who has practical experience in that specific area (e.g. improving escalation processes).

The result

How this helped

1

Validation

The risk team are now confident with their new risk culture framework as it's been validated by peers at other ASX-listed and FTSE-listed organisations.

2

Blindspots identified

Through the maturity framework, the team were able to identify blindspots in their risk culture maturity programme before implementation, and identify areas of strength and weakness to focus on.

3

Saved money

We created the framework and facilitated the subsequent meetings as part of the member's annual membership fee for Risk Leadership Network. So there were no consultancy costs or hidden fees.

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