You have been asked to advise the Akawini management team how they should promote and monitor the transformation of risk management in their business. What performance measures would you recommend they use so that they can monitor progress and performance? 

These performance measures can be used by the Akawini management group to encourage and monitor risk management transformation in their company.

  1. Risk culture assessment: Conduct regular surveys or interviews to measure the organization’s risk culture. This helps to identify potential gaps in the organization’s risk management knowledge, attitudes and practices.
  2. Risk management maturity assessment: Use a framework or assessment tool to measure the maturity of the organization’s risk management program. It will allow you to identify your strengths and draw up a baseline that can be used for measuring progress.
  3. Key Risk Indicators, (KRIs),: Create and monitor KRIs for early warning signs of new trends or emerging risks. The organization can take proactive steps to reduce risks before they become a problem.
  4. Training in risk management: Track the attendance of your employees to assess the program’s effectiveness. It will ensure employees are equipped with the knowledge and skills necessary to effectively manage and identify risks.
  5. Report on incidents involving risk management: Keep track of and log all incidents relating to risk management, such as near misses or actual losses. These will assist in identifying areas that can be improved on risk management.
  6. Regular audits of risk management programs: To ensure the program is in line with regulatory and organizational requirements, conduct periodic audits. These audits will identify potential areas of improvement, and help ensure that your risk management program is relevant and effective.

These performance indicators allow the Akawini team to monitor their progress in transforming risk management within the business. This will help them to identify areas for improvement and ensure that the risk management program remains effective and aligned with the organization’s objectives.

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