key risk indicator(s)

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1 Key risk indicators (KRIs) provide a measure of risk causes in addition to the effects of risk and can highlight the level of and potential changes in risk profile
2 KPIs that are left untracked represent potential “risk hotspots” that could cause serious financial, reputational and/or compliance-related damages to the firm if these are not managed properly.
3 Solution implementing and monitoring appropriate KRIs aids robust risk management and enabes timely action for effective risk mitigation.
 
CyTRAP Labs provides clients with tools that facilitate the:
A better articulating and documenting of the amount of risk taking that is acceptable to the firm, and
B more efficient and effective risk management to assure better risk governance

KRIs are parameters which can act as indicators and which can be seen to be predictive regarding changes in the risk profile of a business. This enables timely action to be taken to deal with issues arising. KRIs can include:- something observed or calculated – used to identify a condition or trend (e.g., no of privacy policy violations per quarter),- an instrument or gauge that measures something and registers the measurement (e.g., average time to fill job vacancy),

– something such as a pointer or a signal that provides information about which direction to follow or where to put greater attention to avoid possible problems down the road

How can one identify key risk indicators?

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CyTRAP Labs has developed a risk management toolkit to help to develop risk management practice. The toolkit provides a range of tools, techniques and templates, worked examples, and practical advice for key aspects of risk management. The toolkit supports various risk management standards and guidance documents.

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