Key Risk Indicators (KRIs)
KRIs are a fundamental component of a full featured risk and control framework and sound risk management practice. Their usefulness stems from the ability to help businesses reduce loss and prevent exposure by indicating changes in their risk profiles and proactively managing risk situations before events actually occurs.
OpenPages helps customers establish a KRI framework through the creation of KRI libraries and by capturing attributes that are required to support operational risk management processes. Each KRI records the indicator measurements over time and KRIs can be linked to multiple risks and controls. Multiple thresholds can also be defined - such as red, amber, and green - and out-of-the-box reports provide KRI trends against thresholds.
KRI values can be entered manually, bulk uploaded from spreadsheets using FastMap™, or input automatically from KRI data sources through OpenAccess™, OpenPages’ web services API.
OpenPages Key Risk Indicators support: