The Institute of Operational Risk has published a Key Risk Indicators Sound Practice Guidance paper

The Institute of Operational Risk has published a Key Risk Indicators Sound Practice Guidance paper to address the lack of written support on the effective application of this important tool.

This Guidance paper covers the whole of the Key Risk Indicators (KRI) process from their selection to their use in risk reporting and assessments. Download the Guidance paper here.

Update from the NC State University ERM Initiative

The most recent newsletter from the North Carolina State University College of Management’s ERM Initiative includes a couple of particularly interesting articles from the perspective of the linkage between strategy, performance and risk management.

Linking ERM and Strategy:  An Example from Target Corporation

Launching an ERM process can be a daunting task, especially in large, complex organizations.  The importance of keeping the risk oversight process simple, but strategic, can be the key to realizing strategic value from ERM.  Tony Heredia, Vice President of Corporate Risk and Responsibility at Target Corporation, shared insights from his experience in helping strengthen their organization’s integration of enterprise risk oversight and strategy. Creating opportunities for executive management dialogue about critical emerging risks is proving to be invaluable as the company navigates the highly competitive retail business in the new economy.  Read about the Target experience

Panel of ERM Experts Discusses “The Value Proposition of ERM:  Strategic or Compliance”
The ERM Initiative’s October 1, 2010 ERM Roundtable Summit featured a panel of executives responsible for ERM leadership at organizations including Advance Auto Parts, Standard & Poor’s, RTI International, and Public Service Enterprise Group that discussed the topic of positioning ERM for strategic versus compliance benefits.  Among numerous practical suggestions was the overarching reality that, for ERM to be successful, leaders need to realize that there is no one-size-fits-all approach to ERM and that effective ERM is one that fully considers the culture of the organization and the importance of board and CEO support.  Read more



9 Things StratexPoint Enables Users to do…

StratexPoint is the only SharePoint application which is specifically designed to support an integrated approach to performance and risk management, and specifically the Risk-Based Performance methodology. Within the solutions users are able to:

1. Define strategic objectives and map these using a strategy map

2. Define key and emerging risks and map these using a risk map

3. Define risk appetite within the context of the defined objectives and risks

4. Manage and monitor the alignment of risk exposure to appetite

5. Define a set of Key Indicators, KPIs, KRIs and KCIs

6. Align the organisational change agenda to deliver the objectives via initiatives and actions

7. Encourage the right culture using the RACI model to define ownership and governance

8. Automated performance dashboards and reporting, while enabling advanced analytics

9. Encourage a collaborative approach to delivering performance via commentary, alerts and other web 2.0 collaboration capabilities