Develop an Effective Key Risk Indicators (KRIs) Dashboard to Measure, Monitor & Improve Organizational Performance in Managing Risks

Synopsis

Fraud, Terrorism, technological changes, increasing competition, CSR, business changes, etc. Do you know what is in the “risk pipeline” for your organisation? Even if you have a well established risk management system in place, will you really be able to really recognise, monitor and take actions on risks/threats and opportunities as and when they occur? Past corporate disasters demonstrate that organisations are often not good at monitoring risk issues.  So when risks materialise - disasters may strike an organisation when least expected - the management will often fall into the trap of reactive fire-fighting.

Let’s be clear, without proper risk metrics, there cannot be any effective risk management. This workshop will explore the two dynamic processes of strategic/operational response and continuous change learning that are critical for an effective risk control system and explain how they can be explicitly structured and monitored using a series of reports and Key Risk Indicators (KRIs) and distributed timely to the people who need them to make the right decisions.

Learning Objectives

After attending this session, you should be able to:

• What are the critical components of an effective risk metrics dashboard?
• How to recognise factors/Drivers leading to risks/crisis for timely monitoring and intervention
• Risk Measurement, Monitoring and Review: How to design and set the Right KRIs/KPIs
• How to Develop a Risk Management performance measurement System
• Connecting Risk management with audit (assurance) and performance management (BSC – Balanced Scorcard)
• Some common pitfalls in risk monitoring & reporting that your organisation should avoid

Workshop Outline

• What is Risk, Risk Management & Risk Metrics
• Different types of Metrics/Indicators
• Benefits & limitations of Metrics/Indicators
• What can go wrong when using Metrics/Indicators?
• How to establish a Key Metrics review model & Dashboard with the BSC
• How to connect Risk Metrics and the Performance Management system

Tool Box: A Case Study

• KRIs Library
• BSC (Balanced Scorecard) & KRIs Model
• Checklists, how-to procedures/reminders and templates

Testimonials

“We are using the BSC for our performance management system and while the theory is good, we are struggling to identify the right performance metrics. The methodology provided during this workshop seems to connect all the ‘right dots’ pointing us to the metrics that really matter for an organization”. SVP, Corporate Planning, Hospitality Group