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(RISK-2932) Utilizing a QRA Maturity Model for Continuous Improvement

Organizations who rely on the successful delivery of capital assets, need to set stretch goals that can help improve their capability and develop or maintain a competitive advantage. Dr. D. Hillson once likened the successful application of a maturity model to, “walking up the down escalator”. This paper will review a high-level QRAMM or Quantitative Risk Assessment Maturity Model that describes the full spectrum of capabilities including: reactive, ad-hoc, centralized, mature and optimized.

The strategies and capabilities presented in this paper offer a Risk-based Kaizen approach, helping DRM practitioners identify performance gaps and develop plans for QRA capability improvement.