Key Risk Indicators are critical monitoring and reporting tools for any enterprise, ensuring reporting of key risks, both present and upcoming, to facilitating conformance to governance principles and ensure action in areas for upcoming risks. The KRI framework aims to address the following objectives:
- Develop comprehensive process for identification, reporting and tracking of key risks through KRIs
- Provide guidelines for development of KRIs and respective thresholds
- Establish objective trigger points for management review
- Facilitate proactive and forward looking management of operational risk
- Establish assignment of roles and responsibilities for identification and reporting of KRI
Our KRI library includes an appropriate mix of backward and forward-looking KRIs, with the objective of covering both historical incidents and forward looking risks. Forward looking KRI suite enables organizations to identify upcoming risk concentrations and take appropriate pre-emptive actions.
Acknowledging the individuality of each Institution in designing KRI frameworks, we have advocated a collaborative effort in development of KRIs and the respective thresholds, ensuring a robust reporting and escalation framework for monitoring and reporting risks. At the conclusion of the KRI framework, we help design a dashboard based reporting aligning to the organizational matrix with appropriate procedures ensuring escalation to the relevant forums.