Risk Management Maturity Assessment based on ISO 31000 – A pathway toward the Organization’s Resilience and Sustainability Post COVID-19: The Case Study of SOE Company in Indonesia

Proceedings of ‏The 3rd International Conference on Management, Economics and Finance

Year: 2021

DOI: https://www.doi.org/10.33422/3rd.icmef.2021.02.134

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Risk Management Maturity Assessment based on ISO 31000 – A pathway toward the Organization’s Resilience and Sustainability Post COVID-19: The Case Study of SOE Company in Indonesia

Dr. F. Antonius Alijoyo and Stefiany Norimarna

ABSTRACT: 

The study aims to understand how the ISO 31000 based risk management maturity assessment conducted in a large State-Owned Enterprise (SOE) could help the organization map out its journey in building its organization’s resilience and sustainability. Aside from the conducted observations, the study is mainly based on a qualitative approach through document reviews, questionnaires, focused group discussions, and interviews. The assessment produces a score of 1.62 (a scale of 0.00 – 5.00) or at the repeatable level of their risk management maturity. Such a level indicates a substantial lack of resiliency and sustainability attributes upon which a road map is defined and proposed to the board of directors (BOD) of the organization. The road map has been well accepted by the BOD and used as a reference and a pre-requisite to the success of their organization’s business transformation program (BTP). As a case study, however, we note some shortcomings of generality and comparability. Further similar research is recommended with more SOEs as the object of study.

Keywords: ISO 31000, Risk Management Maturity, Resilience, Sustainability.