The impact of enterprise risk management maturity on corporate performance: An integrated maturity model proposal

In today's rapidly changing and uncertainty-driven business environment, organizations must maintain competitive advantage, ensure financial stability, and achieve strategic goals. This requires the implementation of an effective Enterprise Risk Management (ERM) approach. However, the literature lacks studies that examine the relationship between ERM maturity levels and corporate performance outcomes through an integrated and multidimensional framework. In this context, the primary objective of this study is to design an Integrated ERM Maturity Model, encompassing four key dimensions: strategic planning, processes, human resources, and information technology, and to empirically analyze its impact on corporate performance. A quantitative research methodology was adopted, targeting publicly held companies operating in Türkiye. Data were collected via a structured questionnaire and analyzed using reliability analysis, factor analysis, normality testing, and analysis of variance (ANOVA). Corporate performance was measured through three financial indicators: EBITDA, ROA, and ROE. The findings reveal that at the integrated maturity level, all three financial performance indicators demonstrate statistically significant relationships with ERM maturity. However, when analyzed at the component level, the significance of performance indicators varies: in the strategic planning dimension, ROA and ROE were significant while EBITDA was not; in the process dimension, only ROE was significant; in the human resources dimension, ROE and EBITDA were significant while ROA was not; and in the information technology dimension, only ROE showed statistical significance. The significance of financial indicators indicates that the respective maturity components are statistically reliable determinants of corporate performance. Conversely, insignificant findings suggest that specific components may not exert a measurable or consistent impact on certain performance metrics, highlighting areas for further improvement within organizations. Overall, the study demonstrates that increased ERM maturity enhances the quality of strategic decision-making, reduces uncertainty-related risks, and improves corporate financial performance. The proposed integrated model provides a strategic roadmap by analyzing organizational strengths and weaknesses at the component level. The research offers a multidimensional contribution to the ERM literature and provides practical value by supporting organizations in evaluating their risk maturity, enhancing operational resilience, and achieving sustainable competitive advantage.