6 Questions
What is the purpose of key risk indicators (KRIs)?
To predict or indicate important risk
Why is ongoing monitoring considered an essential step of the risk management life cycle?
To identify new and emerging risks
What is the recommended approach for monitoring to best manage risk?
To monitor a broad enough scope to provide a reasonable view of the risk environment
What does a key performance indicator (KPI) measure?
How well the process is performing in enabling the goal to be reached
What can greatly improve the process of continuous monitoring?
Identification and use of key risk indicators (KRIs) and key performance indicators (KPIs)
What is a subset of risk indicators that are highly relevant and possess a high probability of predicting or indicating important risk?
Key risk indicators (KRIs)
This quiz explores the importance of monitoring and reporting functions in identifying and managing risk within an enterprise. It emphasizes the need for carefully chosen indicators aligned with organizational goals to provide a reasonable view of the risk environment.
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