key risk indicator(s)
| 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
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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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