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• KRIs
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Key Risk Indicators

Early Warning Signals of Risk Events in Companies

Key Risk Indicators (KRIs) act as early warning signals by providing the capability to indicate changes in an organization’s risk profile. KRIs are a fundamental component of a full featured risk and control framework and sound risk management practice. Their usefulness stems from potentially helping the business to reduce losses and prevent exposure by proactively dealing with a risk situation before an event actually occurs.

KRIs Help Companies with Operational Risk Management

Over time, organizations should capture indicators to help monitor key risk areas that are surfaced through risk and control assessments. In addition, KRIs should be good indicators that are accurate at highlighting trends and changes in risk levels.

OpenPages Employs a KRI Framework with Thresholds for Risk Management

OpenPages helps customers establish a KRI framework through the creation of KRI libraries and by capturing attributes that are required to support operational risk management processes. Each KRI records the indicator measurements over time and KRIs can be linked to multiple risks and controls (many-to-many relationship). Multiple thresholds can be defined, such as red, amber and green levels, and out-of-the-box reports provide KRI trends against thresholds. KRI values can be entered manually, or automatically from KRI data sources through OpenAccess™, OpenPages’ web services API.

OpenPages Key Risk Indicators Support:

• Manual and automatic Key Risk and Control Indicators
• Capture of any required measurement attributes
• Multiple threshold values and trending of threshold values over time
• Notifications and alerts based on threshold levels
• Aggregating and combination of multiple indicators for enhanced insight
• Decision support in the form of dashboard and heat maps
• Integration with KRIex Library (www.kriex.org)

OpenPages KRIs Benefits Include:

• Efficiency, Accuracy and Accountability - OpenPages supports assigning ownership to key risk indicators for ongoing monitoring. Thresholds can be defined at various levels and the power of automation helps ensure timely notification of alerts and tasks associated with the investigation, response and escalation processes.
• Measurement and Management - Indicators can be useful tools to help with the day to day decision making and management of the business. In addition, they can serve as early warning signals to enable the business to prevent risks from materializing.
• Risk Management with Information in Real Time - Stakeholders gain instant visibility into the changing state of risk and control within a business and across the enterprise, which helps ensure that risk levels are managed within defined tolerances. Real-time dashboards and reports give managers the right information at the right time for analysis and action.

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White Papers:

Facilitating "Sound Principles" in Risk Management with the Right Framework