Risk management capability maturity model for complex product systems (CoPS) projects

Complex product systems (CoPS) are high cost, high technology, engineering intensive, business to business capital projects. The maturity of risk management capability can improve the production and performance of such projects. A risk management capability maturity model for CoPS projects (CoPS-RM-CMM) is proposed. The model is built on the standard five levels of capability maturity namely "initial", "repeatable", "defined", "managed", and "optimized. The model takes on a change management perspective addressing and analyzing issues in the organizational culture, risk management process and risk management knowledge, guided by strategic and performance measurement requirements. Case examples on CoPS project risk management such as those in the marine industry was used to illustrate the delineation and association of risk and capability maturity levels and the pertinent areas of capability.