A library of key performance indicators (KPIs) and key risk indicators (KRIs) is an essential element of monitoring risk and compliance management. There are hundreds of metrics that can be collected, which makes it crucial to prioritize the ones that are the most important (percentage of key risks mitigated in a given period, for example). A risk management metric should reflect and measure an organization’s strategic goals in order to tell a meaningful story.
How can you be expected to track the execution of various objectives, tactics, and strategic projects put into place? Risk management KPIs and KRIs are various and spread across the organization. As a risk manager, you need an easy to way to collect and report data. Otherwise, it’s difficult or impossible to ensure you meet leadership’s expectations.
The answer is LogicManager’s KPI & KRI templates and subscriptions, used to track business performance. Use our risk management KPI library to monitor the effect of your business initiatives. Also determine which performance metrics are leading indicators of sustainable growth, then benchmark your company’s performance against industry trends.
Key risk indicators (and associated risk appetite and risk tolerance ranges) ensure that top risks are constantly monitored. Trigger risk assessments when KRIs fall out of tolerance, and link your indicators directly to the unique controls and mitigation activities they’re designed to support.