The Government of Indonesia as the controlling shareholder sets a target for SOE risk management maturity by 2024 to reach a score of 4.2 on a scale of 1 - 5. Risk management plays a role in minimising risks in realising post-corporate action synergies, such as the establishment of the Ultra Micro SOE Holding in Indonesia. This study examines how the elements of SOE risk management, namely risk governance, risk management frameworks and processes, and internal control systems work to improve risk management maturity and provide strategic implications for allocating risk management resources effectively. The Structural Equation Modelling (SEM) approach was chosen to map the influence of complex interactions among these elements in improving risk management maturity. The results show that all risk management elements are reliable in the proposed risk management maturity improvement model. The majority of hypothesis testing results of the influence relationship between elements in the model are significant. Allegedly, the influence relationship between framework elements with risk management processes and processes with risk management maturity was not significant. It can be concluded that the proposed risk management maturity improvement model can work effectively, so the implementation strategy can be developed by taking into account these findings. Further research is needed to better understand the complex dynamics involving risk management process elements in the construct, identify other variables that mediate the relationship between the framework and risk management processes, or other contextual factors that influence this relationship as well as identify other factors that may have a more significant influence on the effectiveness of risk management processes.