Description
Overview
Key Risk Indicators (KRIs) help organisations prevent risks and exploit the opportunities they offer. This two-day program will guide you through the use of KRIs, showing you how they can be used as a powerful management tool to improve risk awareness and the execution of business objectives.
In today’s dynamic economic landscape, adopting a proactive approach to risk can mean the difference between strategic success and failure. In this course, participants will explore the types of preventive KRIs, acquiring the skills to select, design and report them.
Participants will gain a holistic perspective by examining the use of KRIs for diverse risks. Combining this knowledge with practical tools, they will use the bow-tie tool to effectively track patterns and common failures. They will also learn how to identify emerging risks using horizon scanning and machine learning techniques.
Attendees will leave this course with a comprehensive understanding of how to use KRIs to monitor and mitigate financial risks.
Learning objectives
- Explore how KRIs differ from KPIs (Key Performance Indicators).
- Identify the critical stages in the KPI process.
- Discover how management’s objectives are linked to corporate strategies and to KRI’s.
- Recognize the critical issues that must be addressed to make your KRI program practical.
- Discover the vital issues involved in the reporting of KRIs.
- Achieve strategic objectives by developing KRIs
- Track and report KRIs
- Leverage machine learning techniques
- Develop a thorough understanding of each potential risk exposure
- Perform a bow-tie analysis to evaluate risk responses
- Recognise and categorise emerging risks
Who should attend
Relevant departments may include but are not limited to:
- Operational risk
- Operational risk modelling
- Enterprise risk
- Internal audit
- Compliance
- Governance
Agenda
- KRI’s and their relationship to risk
- Positioning KRI’s in the Risk Universe
- Emerging risks and KRIs
- Developing Effective KRIs
- KRI’s and Proactive Strategic Risk Management
- KRI Information Sources
- Preventive key risk indicators (KRIs): a method
- Root-cause analysis for KRI identification
- Appetite KRIs and risk reporting
- KRIs for project risk, information risk, conduct risk and people risk
- Issue management and machine learning for KRI identification
- KRI Communication and Reporting Role of the Board, Senior Management and Risk Owners
