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.
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[…] same number do not assess risk exposure on a formal basis. The vast majority (> 75%) report that key risk indicators are only communicated on an ad hoc basis at management […]
[…] clients about risk management, I haven’t covered the topic in this blog other than my post on Risk Friends and Key Risk Indicators. This is especially odd as I’ve come to believe strategy management and risk management are […]