For a typical Risk Maturity Model (RMM), What does the level ad-hoc mean?
1) It means that the organization has no defined risk management processes in place.
2) It means that the organization has some ad-hoc risk management processes in place, but they are not consistently followed.
3) It means that the organization has well-defined risk management processes in place and they are consistently followed.
4) It means that the organization has reached the highest level of risk management maturity.