Analysis of Risk Management Maturity and Risk Governance Using AHP: A Case Study at Pt Pertamina Hulu Energi for the 2020–2025 Period

Abstract

The upstream oil and gas industry faces complex strategic, operational, financial, and governance risks, making mature risk management essential for organizational resilience and decision-making. This study aims to determine the priority weights of Risk Management Maturity (RMM) indicators and Risk Governance aspects at PT Pertamina Hulu Energi (PHE), test the consistency of the Analytic Hierarchy Process (AHP) matrices, and describe their development during 2020–2025. A descriptive quantitative case study was employed using purposive sampling of five experts. Primary data were collected through expert confirmation and pairwise comparisons, while secondary data were obtained from PHE annual reports and financial statements. AHP and weighted scoring were applied to seven RMM indicators and five Risk Governance aspects. The results show that Leadership and Commitment had the highest RMM weight (28.61%), followed by Risk Governance (21.23%), while the Board of Commissioners and Board of Directors dominated Risk Governance weighting (35.70%). Both matrices were consistent, with CR values of 0.0545 and 0.0814. RMM scores increased from 3.94 to 4.85, while Risk Governance rose from 3.00 to 5.00. The study concludes that stronger leadership, governance structures, and risk identification are central to sustaining risk management maturity, although improved maturity does not automatically guarantee higher profitability performance