How using Key Risk Indicators improves your Risk Management Process

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How using Key Risk Indicators improves your Risk
Management Process
Key Risk Indicators (KRIs) are critical
predictors of negative events that can adversely
impact your business. They monitor changes in
the levels of risk exposure and contribute to the
early warning signs that enable companies to
report risks, prevent crises and mitigate them in
time.
Protecting your company from operational,
reputational and other risks, requires periodic
and regular reviews of your Key Risk Indicators
(KRIs). This review process facilitates timely
reporting of key risks to management and creates
a risk profile and management methodology for
mitigation. Technology can be deployed which
effectively measures and helps you manage your
KRIs. By deploying an automated regulatory
compliance software platform can enable the
measurement of different risk categories,
metrics, and even occurrences.
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This can be used not only for risks, but can also
be used for asset classes, objectives, controls,
processes, business entities etc. Once these
risks are established, one can define threshold
levels (such as green, amber and red) which
represent rising and dropping risk indicators,
both critical and non-critical. Reporting and
dashboards make it easy to see the critical areas
for analysis. So how can we help? 360factors,
Inc. is a cloud based Enterprise Risk and
Compliance Management Technology and Services
Company that helps companies improve business
performance by reducing risk and ensuring
compliance. Predict360 vertically integrates
regulatory information, policies and procedures,
risks and controls, audit and inspections, and
on-line training in a single platform. It
enables functional managers and staff to manage
their day-to-day risk and compliance activities
while providing executives visibility into the
risk and compliance profile of all its businesses
and assets.
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