So, you’ve built out your organization’s risk register, completed all the necessary risk assessments and action plans, and built out a robust ERM plan to run related assessments on a schedule you’ve set up. Now, how do you prove that all of these functions are actually moving the needle and impacting the organization’s strategic goals?
KPIs and KRIs are the key to determining whether the components of your ERM program are effective and where they may be falling short. While traditional KPIs and KRIs tell you whether you’re going to hit your goals, when tied to bonuses and budgets, they can become a driving force to widespread adoption of an ERM program — essentially, how you’re able to make people within the organization care about risks and genuinely change culture.
When linked to other components within your program, like mitigation plans, compliance objectives, audits and more, KPIs and KRIs can go from a tool for measurement to a powerful driver in your organizational ERM program.
In this one-minute video, learn how Origami’s GRC suite makes it easy to:
- Link KRIs and KPIs back to risk, processes, and other key data
- Define new indicators
- Set target thresholds
- Create workflows to automatically notify users
- Create issues when thresholds are reached