Practical Guide to Developing Your Key Risk Indicators (KRIs)
Key performance indicators, often known as KPIs, are measurements created to provide a high-level picture of the company's effectiveness, much like KRIs do. They are an element of the performance management system for the company. Although KRI and KPI are conceptually similar (and occasionally mistaken for being the same thing), they are in fact two distinct measurements.
Key takeaways:
- What are KRIs, and why are they essential for businesses?
- Key Risk Indicator Types
- How can you develop your own KRIs to suit your specific needs and operations?
- What are some common pitfalls to avoid when creating KRIs?
- How should you go about monitoring and reviewing your KRIs on an ongoing basis?
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