Key Risk Indicators
First published:
ISBN: 9781782722564
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Using KRIs
Using KRIs
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
Now that we have an established KRI programme and collected data, we need to use the information to achieve the programme objectives. This chapter will discuss the usage of the KRIs, as well as ways to mitigate some of the challenges that manifest in the usage and presentation of KRI results.
It is useful to refresh our minds about the value proposition for the KRI programme, which is necessary to accomplish strategic and proactive risk management. With a focus on the objective of achieving this value proposition, we need to structure an approach to using the KRI information that addresses resources and skillsets, quantitative and qualitative approaches to analysis, and engagement and challenge to improve the output.
RESOURCES
Just as important as a strong base of quality data that is collected in a timely fashion are the people that interpret this data. The resource(s) aligned to perform analysis and create the reporting for senior management and the board has unique characteristics and skillsets. The key capabilities to look for in such staff are a combination of traditional data analysis capabilities and non-linear thinking.
Non-linear thinking, as opposed to linear
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