Aon says it is “impressed” with the number of Australian companies wanting to have their risk maturity assessed as part of the company’s global risk maturity index project.

Global Head of Risk Consulting Joerg Schmitz says a significant number of large Australian companies participated in the project to gain an understanding of the developmental level of their risk management frameworks and how these can be improved.

“Since we opened up the Aon Risk Maturity Index to Australian participants, we have been impressed with the number of companies wanting to take part ahead of the deadline for the next round of analysis due out in July,” he said.

The results show that for multinationals with operations in Australia and New Zealand, logistics and geographic factors are a significant challenge to instituting a consistent risk management approach.

The risk maturity assessment involves a 30-minute questionnaire on areas such as corporate governance, management decision processes and risk management processes. The companies are then given a risk maturity rating and suggestions for potential improvements.

The assessment is available free to businesses, which do not have to be Aon clients.

In the US, a Wharton School analysis of the risk maturity index found a significant relationship between an organisation’s risk management development and its financial performance.

Businesses with more mature risk frameworks were found to have a better return on assets and better stock performance.