RiskKPIs

By providing real-time risk intelligence, the organization empowers leaders to make informed decisions to safeguard the business.

Risk management systems and processes need to be highly automated, strategic, and transparent, so people can see what the outcome will look like throughout the risk management process. risk management dashboard provides a centralized view of an organization's risk profile and exposure, and enables real-time monitoring, analysis, and reporting of risks. It supports data-driven decision-making to mitigate and manage risks.

Key Components of Risk Management Dashboard:

-Risk register - a catalog of identified risks, assessments, and mitigation plans

-Risk heat maps - a visual representation of risk likelihood and impact

-Key risk indicators (KRIs) - metrics to monitor changes in risk exposure

-Risk treatment plans - actions to mitigate, transfer, avoid or accept risks

-Risk reporting - dashboards, scorecards and analytics

Risk Management Strategies: Strategic risk management is a critical component of business strategy. Without solid risk management, the things that would prevent the execution of the strategy or operational plans from achieving the stated aims or that would even make the strategy and operational plans completely obsolete.

-Risk avoidance - eliminating activities that bring unacceptable risk

-Risk mitigation - reducing the likelihood and impact of risks

-Risk acceptance - consciously accepting risks that are within risk appetite

-Risk transfer - shifting risk to third parties via contracts or insurance

Goals of risk management: An effective approach to strategic risk management is to integrate risk identification and assessment in multiple management disciplines, and enhance the detection of future strategic risks and predictions of future performance.

-Provides a holistic, enterprise-wide view of risks

-Enables proactive risk management vs. reactive fixing

-Helps align risk management with strategic objectives

-Enables compliance with regulatory requirements

-Protects brand reputation and shareholder value

In business, every day is a risk; when a company embarks on a growth strategy, the risk curve will always be greater than a “business as usual” approach. An effective risk management dashboard is a critical tool for organizations to identify, assess, monitor, and mitigate risks across the enterprise. Providing real-time risk intelligence empowers leaders to make informed decisions to safeguard the business.

Posted in: GRC,KPIs