“Key” word implies that there cannot be hundreds of KRIs; so if you have 100+ KRIs, then most likely these are just risk metrics. As their name states, KRIs are indicators that are key for the risk management process. As it comes from the definition of the risk in ISO standard, the ultimate decision of what is and is not a risk depends on a company’s objectives, so be careful when copying KRIs from others. Losing your key employee might be a threat on the one hand, but on the other hand you might find a new one that will bring to your company new skills and ideas. Percentage of Mobile Devices Not Running Updated Anti-Malware Controls – The number of mobile devices managed by the company that are not currently running fully up-to-date anti-malware protection as a percentage of active mobile devices managed by the organization. from month-to-month. A Risk Indicator can be qualitative (for example: a site monitor’s assessment of site quality) or quantitative information that is used to monitor identified risk exposures over time, and are in… Percentage of Mobile Devices that have Not Received a Full Malware Scan Within Last 24 Hours – The number of mobile devices that have not undergone a full, successful virus scan with that last 24 hours as a percentage of total active mobile devices managed by the organization. With the rapid advancement in business systems, practices and procedures must be established to guide public and private entities through the potential minefield of electronic records management issues. Molecular risk indicator (biomarker), such as Elevated prostate specific antigen as a biomarker for prostate cancer, cholesterol values as a risk indicator for potential coronary and vascular disease, C-reactive protein (CRP) is considered a risk indicator or biomarker for inflammation, enzyme assays are used for Liver function tests which point towards risk of Liver disease. A key risk indicator (KRI) is a metric for measuring the likelihood that the combined probability of an event and its consequence will exceed the organization's risk appetite and have a profoundly negative impact on an organization's ability to be successful. IT Budget Variance (Actual vs. KRIs are used to calculate the risk, usually measured in percentages, of potentially unfavorable events that can negatively affect a process, an activity, or an entire company. Number of IT Projects Canceled After Kick-off Within Last 6 Months – The number of IT projects that were cancelled at some point following the initial project startup due to lack of alignment with corporate strategy or planning over the last 6 months. I’d say that the pair of “probability” and “impact” indicators form the KRI. Introduction: Enterprise Risk Management (ERM) represent the authority that is dealing with uncertainty for the enterprise. Here is a template that one can use for a Key Risk Indicator. Key risk indicators (KRIs) help with monitoring and controlling risk. KRIs measure the potential risk related to a specific action that the organization is considering—as well as the risk inherent in the company’s day-to-day operations. Specific numbers might be tricky and won’t give you a specific information. An insurance claims department might focus on fraudulent claims KRIs, while an IT project management team might worry about server redundancy to measure and avoid system downtime risk. Schedule variance (SV) 69. Percentage of Systems Undergoing Changes – All Systems – The total number of application or systems where a new change was completed or attempted by the IT function during the measurement period as a percentage of total systems managed. Importance of Key Risk Indicators (KRIs) ... Director, Enterprise Risk Management at ConEdison, Inc. based in New York, about Key Risk Indicators(KRIs). Percent Difference in MTTR (Monthly) – The difference in Mean Time to Repair (MTTR) from month-to-month for the group of systems being examined, measured as a percentage. That person (or persons) is usually the expert in the records lifecycle and in how to maintain and protect privacy and data. Select an indicator and select “Risk” as measurement unit: In this case BSC Designer can visualize necessary data on the risk chart: The main benefit is that indicators can be aligned with objectives on the strategy map: Whether you are looking for a professional Balanced Scorecard software, or just researching information about Balanced Scorecard and business strategies, we recommend you to download and try our BSC Designer software (no credit card is required). Implementing and closely tracking the right IT and IS key risk indicators can help reduce the risk for your company. The key to the system can be the records manager, the professional responsible for records management within an organization. Percentage of Workstations Not Running Updated Anti-Malware Controls – The number of workstations managed by the company that are not currently running fully up-to-date anti-malware protection as a percentage of active workstations managed by the organization. What are Key Risk Indicators? Let’s start the discussion about Key Risk Indicators best practices. Sign up for our email newsletter to be notified when we produce new content. In the free BSC Designer account, you have access to several risk scorecards with a total of 89 KRIs. Key Risk Indicators are the metrics identified to support proactive risk management. They link back to your operational risk management activities and processes, including risk identification; risk and control assessments; and the implementation of risk appetite, risk management, and governance frameworks. In this way, KRIs help you to monitor risks … Why have this model then? Mean Network Hardware Utilization Rate – Overall (30 Minute Intervals) – The average utilization rate (i.e., percentage of total available network hardware capacity being used), measured as a ratio of current network traffic to the total amount of traffic that the network, or port, being examined can handle. The risk assessment model that was described above is nothing new, but you need it just as you need a strategy map in business performance management. When reading, replace “KPI” with “KRI” and you can easily use all the same ideas and recommendations. Data breaches from large corporations can drive stock prices down by 30-50% in one trading day. Number of Instances Where Network Bandwidth Utilization Exceeded Threshold – The total number of instances during the measurement period where network bandwidth capacity exceed a defined threshold (identified through network testing and monitoring) at which the network begins to exhibit request delays, low transmission speeds, etc. Records Management Risk Key Performance Indicators (KPIs) From creation to disposition, records in electronic recordkeeping systems may now utilize a variety of media. Percentage of Unsuccessful Releases – The number of releases rolled out by the IT function to company devices or workstations that must be rolled back (i.e., affected systems are restored to pre-release state through version control, or similar) due to issues that occurred following the release as a percentage of total releases attempted (i.e., successful and failed) over the same period of time. Percentage of Critical Systems without Up-to-Date Patches – The total number of critical systems (all deployed instances of the system or application running on each device/workstation) that do not currently have up-to-date patches installed and running as a percentage of total critical system end user devices/workstations. Average Time on Site – The average amount of time a website visitor spends on the website, from the time that the user lands on a page until they exit the website, during the course of a single visit, or session, during the measurement period. This metric may also be known as “Patch Coverage Rate.”. They can be automated with the strategy execution software that you are using. Network Availability – The amount of time (measured in minutes) that the company’s network is available for use by all authorized users divided by the total amount of time the network is scheduled to be available for use over the same period of time, as a percentage. For now, it is enough to define KRI as those risk metrics that are an important part of your risk management portfolio. Overdue project tasks / crossed deadlines. KRIs, or key risk indicators, are defined as measurements, or metrics, used by an organization to manage current and potential exposure to various operational, financial, reputational, compliance, and strategic risks. Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or external events. In our recent survey, KRIs were identified as one of the next major areas of research and investment for operational risk management departments. Develop or hire information management professionals: Without qualified and experienced professionals, information management will be limited in its impact on your organization. 16. Course agenda Pricing & Registration. Th e u s e o f key risk indicators (KRIs) as a risk management practice and business support tool is evolving rapidly, if not awkwardly, within the financial services industry. Percentage of IT Projects That Exceeded Budget – The number of IT projects that exceed the initially developed budget parameters as a percentage of total IT projects completed over the same period of time. Risks to an organization vary based on individual work group or department. Risk is not just a threat, it is a business opportunity as well, Use risk scorecard as a base for the risk discussions. 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