Risk management is crucial to every organization. Since risk isn’t always visible, it’s important you have a good strategy. Following the risk analytics cycle can help boost an organization’s success. Steps include risk measurement, modeling and optimization, monitoring and alerting, and reporting and risk response. Risk analytics, data analytics, and visualizations help drive informed decision making.
Identify emerging risks by using key risk indicators (KRIs). KRIs can help you pinpoint risk exposures, assess and quantify each risk and impact, benchmark prospective challenges, monitor risk and control, and be prepared for events in advance to help develop effective responses. These indicators should be effective, comparable, and easy to use.