Webinar Recap: Key Metrics to Track for an Effective Enterprise Risk Management Program
Enterprise Risk Managers are facing an increasingly risky global landscape, not to mention additional external pressures to manage risks related to climate change, data breaches, fraud, third party risk and downstream emerging risks beyond COVID-19. A fundamental part of understanding these risks is tied to how good the business is at identifying and managing risk overall.
Resolver, panelists Chase Clelland, VP of ERM at Grow Financial and Terry Lampropoulos, Professor of Risk Management at Seneca College walk you through key metrics you should be looking at to measure your team’s efficiency, your organization’s preparedness to manage risks, and how to get greater visibility into emerging risks for appropriate mitigation.
Watch the on-demand webinar below to learn about:
Emerging key risk indicators you should be tracking in today’s landscape
Metrics to help you track the efficiency of your team’s risk program
How to get visibility into the effectiveness of your controls and actions taken on risks identified
See timestamps below for key insights you can jump to!
TIMESTAMPS OF KEY INSIGHTS:
3:45: The biggest challenges risk teams have in incorporating metrics
5:15: What are the different types of metrics you can track?
6:57 What’s the difference between KPIs, KRIs, KCIs?
10:55: When is the right time to introduce metrics?
12:15: How do you determine the right metrics for your risks?
17:10: Discover some of the common risk indicators across industries
17:34: The 6 characteristics you should look out for when adding new metrics to your program
22:28: How to set limits for the risks you identified
30:45: How to measure the effectiveness of a control
35:27: What is the biggest barrier to optimizing a metrics program?
36:41: Examples of metrics that were implemented but didn’t work, including an under-estimated residual impact on a “pandemic risk”, plus lessons learned
41:04: How do you actually execute on the data collection for the metrics you identified?
44:29: To whom, how often, and how should you present the insights from your metrics to management?
50:13: How to determine how good you are at identifying and managing risk overall
52:25: Benefits of tracking metrics
Audience Questions with answers from the panel:
53:05: Where can you get a great risk and metric library?
53:51: Should every risk have a metric?
55:08: How do we develop metrics around risks that have not yet occurred?
56:57: How do you set benchmarks for internal KPIs? And how do you measure the usefulness of the data?
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