The Risk Management Research and Development Program is a multi-association program designed to accomplish the following: Research, develop and promulgate suggested Project1 Risk Management practices, tools and knowledge to enable and accelerate the transition of Project Risk Management from an art into a science. Within the overarching Program, there are several projects covering each of the major Risk Management Process areas2. The Universal Risk Project is designed to develop a list and definitions of "universal risk areas" that can assist risk management in any type of project in any industrial/government/commercial sector. This list of risk areas is intended to be illustrative and serve only as an aid or a guide to those starting the risk identification process. The list is NOT intended to serve as a complete, comprehensive checklist of all risk areas or risks applicable to any specific project. It should add to, but not substitute for, an organization’s own list of typical risks. During this project, the collaborators had to accomplish several specific actions. These were to define what is meant by "universal risk area", develop a list of risk areas, develop a list of risks under each risk area and define each risk to include examples from several sectors. This is the Final Report for the Universal Risk Project.

Describes five levels of Risk Management Process maturity.