What is 'key risk indicator' in SAP GRC-RM - GRC Risk Management?

key risk indicator - Overview

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: A rational and quantitative measure of a particular risk at a particular time for the purpose of making risks transparent across different organizations. Key risk indicators provide the risk owner with a series of warning lights, to help the risk owner comprehend the current risk the company is taking.

key risk indicator - Details

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  Key Concepts: 
  A key risk indicator (KRI) is a metric used to measure the likelihood of a risk occurring in an organization. KRIs are used to identify, monitor, and manage risks in an organization. They are typically used in conjunction with other risk management tools such as risk registers and risk assessments.
  
  How to use it: 
  In GRC Risk Management, KRIs can be used to identify potential risks and track their progress over time. They can also be used to assess the effectiveness of risk management strategies and identify areas for improvement. KRIs can be used to set thresholds for when a risk should be escalated or addressed.
  
  Tips & Tricks: 
  When setting up KRIs, it is important to ensure that they are relevant to the organization’s goals and objectives. It is also important to ensure that the KRI is measurable and that it is monitored regularly.
  
  Related Information: 
  KRIs are often used in conjunction with other risk management tools such as risk registers and risk assessments. They can also be used in conjunction with other GRC components such as Compliance Management and Access Control.