Risk Metrics and KRIs June
Risk Metrics and KRIs June
The measurement of risk greatly assists in its management, yet the measurement of particularly non-financial risk is providing elusive. Risk metrics are the key.
This practical workshop is aimed at risk practitioners and business managers who have implemented or are looking to implement, a robust and comprehensive Key Risk Indicator capability within their organisation.
The workshop covers all aspects of setting up, running and developing KRI processes that can be used both as an essential component of the overall risk management framework as well as a powerful tool to assist management in the day to day control of the business.
1. Understanding Risk For The Purpose of Identifying Good Metrics
- Revisiting risks and controls —what are risk metrics “indicating”
- Understanding risks and controls using Bow Tie analysis. Causes, Events, Impacts and Controls.
- A risk framework – where do KRIs fit?
- Case Study: Developing a Risk Bow Tie
2. Defining KRIs
- What is a KRI? Comparing KRIs, KCIs and KPIs
- Defining the objectives of KRIs
- What are we trying to track?
3. Identifying KRIs
- Identifying key risks: How?
- Mapping key risks to identify “red flags” and “symptoms”
- Identifying KRIs around the key risks
- Types of KRIs:
- Single / Composites
- Qualitative / Quantitative
- Generic and Specific KRIs
- Leading and Lagging KRIs
- Case Study: Identifying KRIs
4. A KRI Library
- Purpose and contents of a KRI library
- Maintaining and improving the library
- Using the library
5. Assessing The Quality of KRIs
- Strength of relationship to what is being tracked
- The importance of risk velocity
- Leading or lagging
- Ease of collection
6. Setting Up KRIs
- Linking KRIs to risk and controls
- Setting KRI thresholds
- Determining collection and reporting frequency
- Assigning responsibility
- Case study: Setting up KRIs
7. The KRI Process
- Collecting KRIs
- Evaluating and scoring KRIs
- Investigating and explaining KRIs
- Escalations, follow up and workflow
- Case Study: Conducting a KRI collection procedure
8. Reporting KRIs
- Types of report
- Aggregated dashboard and drill-down reports
- Using KRIs in an overall risk profile
- Integrated and dynamic reporting
9. Using KRIs
- As a risk monitoring tool
- As a feedback and incentive tool
- As a management tool
- As an input into the risk quantification and capital model
- As a benchmarking tool
- A focus on key risks. KRIs for Risk Culture.
10. The Future of KRIs, Risk Data and Analytics
- Where to next?
- Proactive management of risk
- Predictive analytics and the value of Big / Good Data
Format of the Course
This course is delivered online. This event is offered as 2 x 3.25 hours interactive sessions (total 6.5 hours) over 2 days via GoToTraining online.
About Your Trainer: David Tattam, Chief Research & Content Officer, The Protecht Group
David Tattam is the Chief Research & Content Officer and co-founder of the Protecht Group. David’s vision is to redefine the way the world thinks about risk and to pioneer the development of risk management to its rightful place as a key driver of value creation in each of Protecht’s clients. David is the driving force behind Protecht’s risk thinking, pushing risk management to the frontiers of what is possible. He is also focused on driving the uplift of people risk capability through training and content.
David is passionate about risk and risk management and in reaping the value that risk and good risk management can create for any organisation willing to embrace it. He is particularly passionate about risk management research and is prolific in creating a wide range of content delivered in blogs, ebooks, webinars and training courses. He has developed Protecht’s comprehensive suite of risk management training courses and has, and continues, to train many thousands of risk practitioners across the globe. David also manages Protecht’s consulting business offering a range of risk consulting capabilities from Risk Management Framework to Risk Appetite Statement development.
He is also the author of "A Short Guide to Operational Risk".
DATES & TIMES - THE SESSIONS:
Session 1 9:00am - 12:15pm AEST on Tuesday, 27 June 2023
Session 2 9:00am - 12:15pm AEST on Thursday, 29 June 2023
AEST = UTC +10:00
LOCATION: GoToTraining for both Sessions
PRICE: $770.00 incl.GST for Members
$924.00 incl. GST for Non-Members
CPD: 12 points
When you register for this course you agree to the RMIA passing your registration details onto our Training Partner, The Protecht Group.
Group Bookings: For Group Bookings, please contact us via email on firstname.lastname@example.org or by phone on 02 9095 2500.
The time on your ticket when issued is the RMIA server timezone and may differ to the time of the event in your timezone. Please check this registration page for correct TIMEZONE and ACTUAL SESSION TIMES.
Registration for each session will close 24 hours prior to the event when final Zoom invitation details will be sent, we cannot guarantee receipt of the Zoom invitation details after this time.
If you are experiencing any issues registering, please contact us on the below number.