The Akawini Management Team can utilize the following performance indicators to promote and track the improvement of their risk management.
- Risk culture assessment: Conduct regular surveys or interviews to measure the organization’s risk culture. These will identify gaps in knowledge, attitude, and practice regarding risk management.
- Risk management maturity assessment: Use a framework or assessment tool to measure the maturity of the organization’s risk management program. These tools will enable you to determine strengths and weaknesses, and establish a benchmark for monitoring your progress.
- Key Risk Indicators, (KRIs),: Create and monitor KRIs for early warning signs of new trends or emerging risks. It will allow the company to identify potential risks and take preventive measures.
- Monitoring the employees that have received risk management training. This will help you evaluate its effectiveness. It will ensure employees are equipped with the knowledge and skills necessary to effectively manage and identify risks.
- Report on incidents involving risk management: Keep track of and log all incidents relating to risk management, such as near misses or actual losses. It will allow you to identify potential areas for improvement in risk management.
- 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.