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.

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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