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Organizations face from all sides, from supply chain dangers to state-sponsored cyberattacks. Fortunately, modern technology also provides more support for enterprise risk management than ever before. Analytics platforms offer insights into personnel activities, compliance goals, adoption rates, and more. What are key risk management metrics today’s enterprises need to track?
Risk management metrics are data points that help you evaluate your company’s enterprise risk management policies, processes, or activities. These metrics are generally based on precise percentages or numbers from organizational data. Qualitative risks may require operator observations or rough data estimates.
There are two key categories of ERM metrics: key performance indicators and key risk indicators. Both are important but have different purposes.
KPIs tell you how effective your ERM framework is. They reveal whether your organization is achieving its risk management objectives or needs to improve its processes for identifying, assessing, and mitigating threats.
KRIs are predictive metrics or triggers. They aim to highlight threats, risk trends, and other tracked behaviors, alerting you if an event’s probability is close to exceeding organizational risk appetite or project risk tolerance.
Now that we’ve covered the difference between KPIs and KRIs, let’s look at the most important enterprise risk management metrics to track. These will depend on your organization’s size, complexity, industry, products, and objectives. For example, if you’re looking at cybersecurity risks, metrics like “total security incidents” are vital.
This metric compares your company’s stated risk appetite policy with its actual risk exposure in projects and everyday operations. A high ratio means your team is following the ERM in its decision-making and adhering to long-term goals. A low ratio means managers and others are largely ignoring stated risk appetite, which can spell disaster down the line.
Risk response time is similar to mean time to action, but the triggers are different. Your response time is how long it takes your team to identify and act on new risks or threats that appear. Risk mitigation time/resolution time/time to action looks at how long it takes you to go from identification to resolution.
In the world of cyberattacks, acting quickly is vital. There were nearly 100 zero-day exploits in 2023, almost double the count of 2022. The shorter your time to resolution, the better. Fast action can limit the impact of data breaches, ransomware attacks, internal sabotage/theft, and many other threats.
Total risks are a helpful measure for planning future projects based on current ones. Every project has a different number of risks and attack surfaces, so a high number isn’t necessarily bad. This metric is more for awareness than process evaluation, though an abnormally low number may mean your risk analysis isn’t thorough enough.
Risk identification rate also looks at total risks, but from the point of view of how well your team identifies them. This KPI compares successfully identified versus unidentified risks. If you managed to prepare for 90% of total risks, that’s a good sign your ERM team is doing their job.
This risk identification metric quantifies the total number of predicted risks that occurred during the target time frame. On the one hand, it may indicate that your ERM detection is on point and closely aligned with your company’s operations. On the other hand, it could be a sign that you should invest in better risk mitigation strategies to lower total risks.
This metric helps you detect if your risk analysis is overly strict. Keeping tabs on a wide range of risks is good, but you should prioritize the most likely or urgent threats.
A similar metric is predicted risk severity versus real severity. This metric can help you determine how well-attuned your process is for qualitative risk assessments.
Not all recurring risks are surprising, but the more they appear, the greater the chances your ERM has a problem. If the same risk keeps appearing or shows up in multiple departments, it usually means employees aren’t following your risk mitigation processes.
This opposite risk identification measurement reveals weaknesses in your analysis process. When too many unidentified risks occur, it can mean your detection system isn’t configured correctly, you’re not performing risk assessments frequently enough, or the current parameters aren’t a good fit for your day-to-day operations.
Risk compliance metrics should either be as close to 100% as possible (for organizations that have already achieved compliance) or continually trending upward (for businesses that are still pursuing cybersecurity maturity certification). It tracks the ratio between control targets and successful execution.
Risk exposure is a monetary figure that quantifies the total losses your organization potentially faces with current projects or activities. The amount of risk exposure you’re comfortable with is closely linked to your risk appetite.
Conservative risk appetite means you try to minimize your exposure to risks as much as possible. A higher appetite means your brand likes to take risks, jump on new trends, and innovate.
Knowing how much you spend on risk detection, technology, controls, IT services, compliance tools, and mitigation strategies helps you prepare well for project costs. You need an ERM framework that fits your organization’s budget. Balancing costs matters because risk management must be a long-term commitment to be effective.
These enterprise risk management metrics are predictive, so you have to create them specifically for project or organizational risk triggers. Examples of KRI triggers include:
KRIs can track potential risks with personnel, products, customers, third-party vendors, processes, cybersecurity tools, and technology systems.
Compyl is an all-in-one risk management compliance and automation platform. It provides seamless support for tracking ERM and GRC frameworks, organizational indicators, and other key risk management metrics. You can also automate logging, alerts, and task assignment workflows for enhanced risk management and mitigation processes. Discover the benefits today.