Key Risk Indicators
First published:
ISBN: 9781782722564
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The KRI Project
The KRI Project
Foundations
Challenges
Culture is Foundational
Enterprise Risk Management
The Enterprise Risk Management Framework
Operational Risk Management
The KRI Framework
The KRI Programme
The KRI Project
Using KRIs
Reporting the KRIs
KRI Assessment Calculator
Case Studies
The Future of KRIs and Closing Thoughts
In this chapter, we will cover the way to launch a KRI initiative and each of the phases leading up to the operationalised KRI programme interfacing with an enterprise risk management programme, such that it is used to inform on changes in risk levels and to support proactive risk management.
We will cover five important steps in the design and implementation of a KRI programme that lead to stronger adoption and enhanced chances for success in using KRIs effectively. The KRI project is a project in the truest sense: it has a mission, definition of success, set of objectives, a project plan, duration, resources for the duration of the project (including project management) and a budget. The KRI project includes the definition of the KRI framework, and the initial launch of the KRI programme (see Figure 9.1).
STEP 1: FOUNDATION
The KRI programme must reside on a foundation that has strong support and engagement throughout the organisation. The approach to gain this cap/organisational capital and backing is to educate on the value proposition, get buy-in from senior leaders, ensure usage of metrics will be those within the framework (not outside of it) and be clear about the
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