Category: Key Risk Indicators

Insurance agencies are the face of the insurance carrier. While customers enjoy the convenience of digital channels, they also want to deal with a local agency when they have questions or problems. With increasing competition in the insurance industry, insurance agencies can have a big impact on how an insurer is perceived in the marketplace by using insurance industry performance metrics to stand out. What is an Insurance Agency Performance Metric? Insurers use key performance indicators (KPIs) and key risk indicators (KRIs) to measure both their overall agency performance and…

Every industry relies on technology. But when the technology doesn’t cooperate—either due to hardware or software failure, human error, or nefarious acts by hackers and criminals—businesses face a variety of risks such as lawsuits, compliance fines, and lost sales. The price of technology failure is high: 86% of businesses say that the cost for one hour of downtime is $300,000 or higher. One in three businesses report that the cost of a single hour of downtime can reach $1 million to $5 million. How Benchmarking and Key Risk Indicators Help…

A Comprehensive List and Library of Key Risk Indicators with Definitions for Information Technology and Information Security Technology risk in modern day business can be seen in news headlines on a daily basis. Data breaches from large corporations can drive stock prices down by 30-50% in one trading day. Recent big headline data breaches of customer data include; Target in 2013, Experian in 2017, and now Facebook in 2018. Implementing and closely tracking the right IT and IS key risk indicators can help reduce the risk for your company. (Be…