What are Risk Management KPIs?
Risk management KPIs, also referred to as Key Risk Indicators (KRIs), help an organization proactively monitor exposure by quantifying and reporting on potential risk. KRIs can be put in place to identify and control potential issues related to information security, employee relations, industry or market competition, economic conditions, financial health, and other operational areas.
Continuously Monitoring Risk with Key Risk Indicators (KRIs)
Key Risk Indicators (KRIs) are typically implemented by organizations as a part of an ongoing, continuous effort to control and mitigate risk exposure throughout the business. Organizations with well-developed, mature risk management programs typically define and implement “risk thresholds” for each KRI. Risk thresholds can act as an early warning system for potential risk – when the defined threshold is approached, or exceeded, notifications are sent to the appropriate personnel to investigate further.
5 Major Key Risk Indicator (KRI) Examples
There are many different types of risk (e.g., strategic, human capital, regulatory, reputational, technology, etc.) – and the usefulness of certain KRIs can vary by industry, or based on the company’s risk appetite. Here are 5 leading risk indicators that can be applied to nearly any business:
- 1.Mean Time Between Security Incidents
- 2.Mean Time Between Failure (Critical Systems)
- 3.Percentage of Projects Behind Schedule (by Department)
- 4.Budget Variance (Budgeted vs. Actual; by Department)
- 5.Employee Turnover Rate (by Department)
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