The article describes an approach to assessing the maturity of risk management of a manufacturing organization while designing and developing a product. The risk management process maturity guarantees successful product design and development in terms of cost, schedule and quality. The paper proposes a Risk Management Maturity Model based on the six levels of capability of Capability Maturity Model Integration(CMMI) and the four dimensions of organizations, namely culture, risk management process, experience and business applications. The model evaluates the organization in four dimensions against CMMI capability levels and determines where it stands in terms of capability on the CMMI ordinal scale. In the end, a case study is presented in the domain of assembly of auto-differentials to evaluate the risk management maturity of the assembly line.