Mgt. of Risk & Uncertainty, Maturity Matrix

SubFocus Level 1 - Limited Level 3 - Basic Level 5 - Advanced
Risk as a developmental concern Relies unquestioningly on today's faulty or incomplete risk management practices through convention, convenience or ignorance Recognizes the faultiness of many of today's practices, but takes no explicit actions to investigate new approaches, in effect defaulting back to Level 1 Takes specific counter-measures for today's faulty or incomplete risk management practices
Considers risks as a personal matter: getting paid to make the tough calls. Calculation of the consequences of making the call are made in personal terms. Relies on contingency plans or backups to spread risks across several individuals or departments Builds Proactive Risk Management into the daily activities for Governance and Evidence Gathering, with responsibilities for all staff
Risk as a governance concern Governance is silent on the value of specific risk management tools, and often uses risk management practices at odds with those expected in the sciences Recognizes and addresses questionable risk mgmt. tools in the science, but continues to use different tools in evaluating the investment portfolio Synchronizes use of sound risk mgmt approaches in both the investments and the sciences
Risk as a management concern Little thought is given to the nature of risk, and management settles for the simplest tool that seems to account for risk, for example, quantitative analysis. Much thought is given to the nature of risk, but due to its complexity, management falls back on convention and convenience. Conducts continuous searches for sound tools & techniques to manage risk in both the science and in the investments. Proactively tests tools in different settings.
Risk as a behavioral concern Believes in decisive decision making, following the conventions of time-is-money or opportunity costs. Ignores behavioral costs. Exceptional leaders allow for exceptions based on their own intuition, or from trust in the project team's capabilities. Structures are built to structure individual decision making under uncertainty, following the behavior fundamentals+.

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