Risk Maturity Benchmark

Each year, from 1 July to 30 June of the following year, we encourage VGRMF clients to complete a Risk Maturity Benchmark self-assessment.

The self-assessment helps you understand how well your existing risk management practices are working for your organisation, so you can improve them.

To complete the assessment:

• answer ‘yes’ or ‘no’ to a series of self-assessment questions across three topics, or review your answers from the previous year
• view your organisation’s results, including current maturity rating score and confidence level
• select from a list of improvement opportunities to create a tailored action plan
• have the option to work through and update your action plan to improve results
• finalise your assessment before the results are collected for benchmarking
• view benchmarking results and reports once the assessment is closed.

• You can discover how well your existing risk management practices are working for your organisation.
• You can improve your internal risk management practices.
• You can assess how effectively your risk framework is aligned to VGRMF requirements.
• You can compare your results to previous results and compare them against other organisations.
• You can improve your assessment results before they are collected for benchmarking.

This is an annual service. You can review your answers as often as you want throughout the 12- month period. During that time, you can use your action plan to improve your organisation’s risk maturity and improve your results.

No, your Risk Maturity Benchmark results will have no impact on your insurance premiums. These are calculated separately.

After completing your self-assessment, you'll be provided with a list of suggested improvement opportunities to review and use to create an action plan. If time permits, you can work through and complete actions prior to the end of the assessment. Any completed actions will result in a re-calculation of your score and changes to your results if appropriate.

You can choose to complete all, some or none of your actions within the 12-month assessment period.

See our Practical guidance for managing risk resource library to help you to identify and work through the improvements.