Risk Management Insights

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Key Risk Indicators, Risk Management Framework

Some features of the Protecht.ERM 8.4 release.

In this short video, Peter Walker, Chief Technology Officer at Protecht, gives a quick overview of  some of the new features that the development team has been working on for the Protecht.ERM 8.4 release.

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Key Risk Indicators, Risk Management Framework

Disparate and Disconnected Risk Processes and Information? Solving the Problem with Key Risk Indicators

This is part 4 of our video series on "Disparate and Disconnected Risk Processes and Information". In this video, David Tattam talks about key risk indicators how risk metrics can be used to help create an integrated view of your risks.

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Risk Culture, Key Risk Indicators, Risk Management Framework

Understanding Key Risk Indicators from a Personal Perspective

This is part 4 of our video series on "Difficulties in Engaging Staff in Risk Management". David Tattam provides an example of how you can explain key risk indicators to your staff by using an example from their personal lives.

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Key Risk Indicators, Risk Management Software, Internal Audit

Enterprise Risk Management Software and the Internal Audit function

The Internal Audit function has always been an integral part of any organisation, giving independent comfort to stakeholders that the governance and the control environment are operating as expected and and in an effective way. As part of that work, recommendations to improve systems and processes are often provided.

The starting point for any risk-based internal audit is to understand the risks associated with key business functions or processes, and the controls that mitigate either the likelihood of the risk occurring or its impact.

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Operational Risk, Key Risk Indicators, Risk Manager, KRIs

How do Key Risk Indicators work?

In February this year, I ran a blog highlighting the power of the human brain and its senses in acting as a personal key risk indicator (KRI) system for personal early warning risk awareness as we journey through this inherently risky world. Read article: Operational Risk Management - Learning from yourself as an expert already.

This blog looks at the potentially awesome power that a well-designed and well applied
KRI system can have in the business world.


KRIs have multiple purposes. The main one is to act as an early warning system to prompt initial investigation and response so as to deal with a risk early in its life. It helps a firefighting risk manager to become a proactive risk preventer. At a wider level, KRIs allow us to “measure” risk and incorporate risk into risk-based performance measurement, risk-based decision making and risk-based incentive schemes.

So how do KRIs work?

KRIs operate on the fact that as risk develops through its life, from root cause(s), through event(s) to final impact(s), red flags, symptoms and other evidence may be given off.  KRIs tap into this information and turn it into intelligence to then be investigated and acted upon to deal with the risk most appropriately.

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