I don’t normally promote other peoples’ blogs and instead comment on their posts or add them to my blogroll. However, I stumbled upon the Riskfriends Weblog which is dedicated “for risk professionals or people who just like risks”. Despite a little sleuthing, I haven’t been able to find out anything about the author other than his name is “Peter” so I thougt I’d elicit the help of my readers. Any ideas?
I was particularly interested in his post entitled “Reporting Key Risk indicators, what to select?” in which Peter acknowledges that most organizations do not have a systematic approach to reporting key risk indicators (KRIs) and that creating a structured KRI reporting environment requires significant effort. His success criteria are as follows:
- Alignment with performance management preferably at the individual level. This way the KRI-reporting can be positioned as a tool that supports management with managing their objectives (and bonus).
- Top down approach with adequate and persistent backing from senior management.
- The creation of an information value chain that extracts and processes fully automated information from multiple core systems.
- Creative professional analysts familiar with predictive modeling and with access to the information and tooling to analyze and model.
- Consistent and transparent risk and performance reporting at strategic, tactical and operational level to align management of priorities.
It’s a promising blog and one that I plan to track closely.